Local Bounti (NYSE:LOCL) Trading 1.5% Higher

Local Bounti Co. (NYSE:LOCL) rose 1.5% during mid-day trading on Wednesday . The company traded as high as $3.01 and last traded at $2.98. Approximately 8,211 shares changed hands during trading, a decline of 33% from the average daily volume of 12,259 shares. The stock had previously closed at $2.93.

Local Bounti Price Performance

The company has a debt-to-equity ratio of 18.20, a quick ratio of 0.64 and a current ratio of 0.80. The company has a 50-day simple moving average of $2.80 and a 200-day simple moving average of $2.61. The company has a market cap of $25.26 million, a price-to-earnings ratio of -0.19 and a beta of 2.56.

Local Bounti (NYSE:LOCL) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($2.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.76) by ($0.13). Local Bounti had a negative return on equity of 273.85% and a negative net margin of 425.89%. The firm had revenue of $8.38 million for the quarter, compared to analyst estimates of $8.40 million. During the same period in the prior year, the firm posted ($2.99) earnings per share. As a group, research analysts predict that Local Bounti Co. will post -12.08 earnings per share for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Local Bounti stock. BNP Paribas Asset Management Holding S.A. lifted its holdings in shares of Local Bounti Co. (NYSE:LOCL) by 65.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 198,329 shares of the company’s stock after buying an additional 78,205 shares during the period. BNP Paribas Asset Management Holding S.A. owned approximately 2.40% of Local Bounti worth $411,000 at the end of the most recent reporting period. 28.01% of the stock is owned by institutional investors and hedge funds.

Local Bounti Company Profile

Local Bounti Corporation grows and packs fresh greens in the United States. It produces lettuce, herbs, and loose-leaf lettuce. The company sells its products to food retailers and food service distributors. Local Bounti Corporation was founded in 2018 and is headquartered in Hamilton, Montana.