Local Bounti Corporation (NYSE:LOCL) Short Interest Up 42.5% in March
by Amy Steele · The Cerbat GemLocal Bounti Corporation (NYSE:LOCL – Get Free Report) saw a large growth in short interest in March. As of March 31st, there was short interest totaling 77,940 shares, a growth of 42.5% from the March 15th total of 54,685 shares. Based on an average trading volume of 19,148 shares, the short-interest ratio is currently 4.1 days. Approximately 0.4% of the company’s stock are sold short.
Institutional Investors Weigh In On Local Bounti
A number of hedge funds have recently added to or reduced their stakes in the company. Walleye Capital LLC purchased a new stake in shares of Local Bounti during the 4th quarter worth $691,000. Walleye Trading LLC purchased a new position in shares of Local Bounti in the 4th quarter valued at about $50,000. Schwarz Dygos Wheeler Investment Advisors LLC acquired a new stake in shares of Local Bounti in the fourth quarter valued at about $121,000. Finally, Outfitters Financial LLC lifted its stake in shares of Local Bounti by 99.4% in the fourth 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 period. Institutional investors and hedge funds own 28.01% of the company’s stock.
Analyst Ratings Changes
Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Local Bounti in a research report on Monday, December 29th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of “Sell”.
Read Our Latest Research Report on LOCL
Local Bounti Price Performance
Shares of LOCL traded up $0.13 during midday trading on Thursday, reaching $1.47. 14,897 shares of the stock were exchanged, compared to its average volume of 48,839. Local Bounti has a twelve month low of $0.98 and a twelve month high of $4.00. The company has a market capitalization of $32.82 million, a price-to-earnings ratio of -0.20 and a beta of 2.17. The business’s 50-day moving average price is $1.41 and its 200 day moving average price is $2.14.
Local Bounti (NYSE:LOCL – Get Free Report) last released its quarterly earnings results on Wednesday, March 25th. The company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.60) by $0.22. The business had revenue of $12.46 million during the quarter, compared to analysts’ expectations of $15.00 million. As a group, equities research analysts expect that Local Bounti will post -13.81 earnings per share for the current fiscal year.
About Local Bounti
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.