Local Bounti (NYSE:LOCL) Receives Sell (E+) Rating from Weiss Ratings

Key Points

• Local Bounti (NYSE:LOCL) has been assigned a "sell (e+)" rating by Weiss Ratings, indicating a negative outlook for the company's stock.
• The company's stock closed down at $3.21, with a market capitalization of approximately $70.99 million and a price-to-earnings ratio of -0.23.
• In its last earnings report, Local Bounti reported an EPS of ($1.63), which exceeded analysts' expectations but fell short of revenue predictions with $12.10 million in sales.

Local Bounti (NYSE:LOCL - Get Free Report)'s stock had its "sell (e+)" rating reissued by equities research analysts at Weiss Ratings in a report released on Tuesday,Weiss Ratings reports.

Local Bounti Stock Performance

Shares of NYSE LOCL traded down $0.22 during midday trading on Tuesday, reaching $3.21. The stock had a trading volume of 14,977 shares, compared to its average volume of 25,953. The stock has a 50-day moving average of $2.65 and a 200-day moving average of $2.61. The company has a market capitalization of $70.99 million, a price-to-earnings ratio of -0.23 and a beta of 2.10. Local Bounti has a 12-month low of $1.18 and a 12-month high of $5.75.

Local Bounti (NYSE:LOCL - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($1.63) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.95) by $0.32. The firm had revenue of $12.10 million during the quarter, compared to analysts' expectations of $12.40 million. As a group, analysts forecast that Local Bounti will post -13.81 EPS for the current fiscal year.

Hedge Funds Weigh In On Local Bounti

An institutional investor recently bought a new position in Local Bounti stock. Pinnacle Associates Ltd. acquired a new stake in shares of Local Bounti Corporation (NYSE:LOCL - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 30,845 shares of the company's stock, valued at approximately $64,000. Pinnacle Associates Ltd. owned about 0.29% of Local Bounti as of its most recent SEC filing. Hedge funds and other institutional investors own 28.01% of the company's stock.

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.

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