Local Bounti (NYSE:LOCL) Trading Down 2.3% – Here’s Why

Local Bounti Corporation (NYSE:LOCL)’s stock price was down 2.3% on Friday . The stock traded as low as $1.04 and last traded at $1.0550. Approximately 23,066 shares changed hands during mid-day trading, a decline of 2% from the average session volume of 23,591 shares. The stock had previously closed at $1.08.

Analyst Ratings Changes

Separately, Weiss Ratings lowered Local Bounti from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, July 17th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has an average rating of “Sell”.

Local Bounti Trading Down 2.3%

The stock’s fifty day moving average price is $1.42 and its 200 day moving average price is $1.63. The stock has a market cap of $24.05 million, a P/E ratio of -0.28 and a beta of 2.71.

Local Bounti (NYSE:LOCL) last announced its earnings results on Wednesday, May 13th. The company reported ($0.53) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.53). The company had revenue of $13.34 million during the quarter, compared to analysts’ expectations of $19.00 million.

Insider Activity

In other news, CEO Kathleen Valiasek sold 118,720 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $1.30, for a total transaction of $154,336.00. Following the transaction, the chief executive officer directly owned 1,524,860 shares in the company, valued at approximately $1,982,318. This represents a 7.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 21.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Walleye Trading LLC bought a new stake in shares of Local Bounti in the 4th quarter worth approximately $50,000. Outfitters Financial LLC grew its holdings in shares of Local Bounti by 99.4% during the 4th quarter. Outfitters Financial LLC now owns 30,291 shares of the company’s stock valued at $65,000 after purchasing an additional 15,099 shares during the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC purchased a new position in Local Bounti in the 4th quarter worth $121,000. Finally, Walleye Capital LLC purchased a new position in Local Bounti in the 4th quarter worth $691,000. 28.01% of the stock is currently owned by institutional investors.

Local Bounti Company Profile

Local Bounti Inc is a technology-driven indoor farming company that cultivates non-GMO leafy greens, microgreens and culinary herbs in controlled environment agriculture (CEA) facilities. By leveraging its proprietary Hybrid Growing System, the company maintains precise control over lighting, temperature and nutrient delivery, enabling year-round production of high-quality produce free from pesticides and seasonality constraints.

Headquartered in Montana, Local Bounti operates multiple cultivation centers across the United States, each designed to maximize water efficiency and minimize land use.