Local Bounti (NYSE:LOCL) Stock Price Down 4.3% – What’s Next?

Shares of Local Bounti Corporation (NYSE:LOCL) dropped 4.3% on Thursday . The company traded as low as $2.20 and last traded at $2.22. Approximately 29,108 shares traded hands during mid-day trading, an increase of 64% from the average daily volume of 17,753 shares. The stock had previously closed at $2.32.

Local Bounti Stock Down 4.3%

The business has a fifty day simple moving average of $2.25 and a two-hundred day simple moving average of $2.29. The company has a market cap of $24.22 million, a P/E ratio of -0.14 and a beta of 2.00.

Local Bounti (NYSE:LOCL) last posted its quarterly earnings data on Wednesday, May 14th. The company reported ($4.32) EPS for the quarter, missing the consensus estimate of ($1.31) by ($3.01). The firm had revenue of $10.07 million during the quarter, compared to analysts’ expectations of $11.30 million. During the same quarter in the prior year, the business earned ($2.25) earnings per share. On average, equities analysts predict that Local Bounti Corporation will post -13.81 EPS for the current fiscal year.

Insider Transactions at Local Bounti

In other Local Bounti news, Director Charles R. Jr. Schwab bought 70,863 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were bought at an average price of $2.00 per share, with a total value of $141,726.00. Following the purchase, the director now owns 70,863 shares of the company’s stock, valued at $141,726. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Charles R. Schwab bought 1,700,723 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were acquired at an average cost of $2.00 per share, for a total transaction of $3,401,446.00. Following the purchase, the insider now directly owns 1,700,723 shares in the company, valued at $3,401,446. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 31.50% of the company’s stock.

Institutional Trading of Local Bounti

An institutional investor recently bought a new position in Local Bounti stock. Pinnacle Associates Ltd. purchased a new stake in shares of Local Bounti Corporation (NYSE:LOCL) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 30,845 shares of the company’s stock, valued at approximately $64,000. Pinnacle Associates Ltd. owned approximately 0.29% of Local Bounti at the end of the most recent reporting period. 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.