Local Bounti (NYSE:LOCL) Trading Down 2.3% – What’s Next?

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

Analysts Set New Price Targets

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

Local Bounti Stock Down 2.3%

The company has a market cap of $24.05 million, a PE ratio of -0.28 and a beta of 2.71. The business’s 50 day moving average price is $1.42 and its 200-day moving average price is $1.63.

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

Insider Buying and Selling

In other Local Bounti news, CEO Kathleen Valiasek sold 118,720 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $1.30, for a total value of $154,336.00. Following the completion of the transaction, the chief executive officer directly owned 1,524,860 shares of the company’s stock, valued at $1,982,318. This represents a 7.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 21.00% of the stock is owned by corporate insiders.

Institutional Trading of Local Bounti

A number of hedge funds and other institutional investors have recently modified their holdings of LOCL. Walleye Trading LLC purchased a new position in Local Bounti in the fourth quarter valued at about $50,000. Outfitters Financial LLC grew its stake in 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 in the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC purchased a new stake in Local Bounti during the 4th quarter worth approximately $121,000. Finally, Walleye Capital LLC purchased a new stake in Local Bounti during the 4th quarter worth approximately $691,000. 28.01% of the stock is owned by hedge funds and other institutional investors.

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.