Local Bounti (NYSE:LOCL) Trading Up 0.5% - Still a Buy?

Key Points

• Local Bounti Corporation's stock price rose by 0.5% during trading, closing at $2.98, but its trading volume was significantly lower than average, declining by 73%.
• Weiss Ratings has reissued a "sell (d-)" rating for Local Bounti, with the overall consensus rating from analysts also being a Sell.
• In its latest earnings report, Local Bounti posted an EPS of ($1.63), surpassing expectations, but revenue fell short at $12.10 million compared to the anticipated $12.40 million.

Local Bounti Corporation (NYSE:LOCL - Get Free Report) was up 0.5% during trading on Tuesday . The company traded as high as $3.05 and last traded at $2.98. Approximately 15,175 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 56,115 shares. The stock had previously closed at $2.96.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of Local Bounti in a research report on Saturday, September 27th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has a consensus rating of "Sell".

Local Bounti Trading Up 0.5%

The firm has a fifty day moving average of $2.64 and a two-hundred day moving average of $2.58. The company has a market cap of $65.82 million, a PE ratio of -0.21 and a beta of 2.10.

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 for the quarter, topping the consensus estimate 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. Sell-side analysts expect that Local Bounti Corporation will post -13.81 EPS for the current fiscal year.

Institutional Investors Weigh In On Local Bounti

An institutional investor recently bought a new position in Local Bounti stock. Pinnacle Associates Ltd. bought a new position in Local Bounti Corporation (NYSE:LOCL - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 30,845 shares of the company's stock, valued at approximately $64,000. Pinnacle Associates Ltd. owned 0.29% of Local Bounti as of its most recent SEC filing. Institutional investors and hedge funds 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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