Local Bounti (NYSE:LOCL) Issues Earnings Results

Local Bounti (NYSE:LOCL) announced its earnings results on Tuesday. The company reported ($3.00) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.19) by $0.19, Yahoo Finance reports. The business had revenue of $9.44 million during the quarter, compared to analyst estimates of $11.30 million. Local Bounti had a negative net margin of 425.89% and a negative return on equity of 273.85%. During the same period in the previous year, the business earned ($1.35) EPS. Local Bounti updated its FY 2024 guidance to EPS.

Local Bounti Stock Performance

LOCL traded down $0.16 during mid-day trading on Wednesday, reaching $2.77. 2,033 shares of the company traded hands, compared to its average volume of 11,217. The stock has a market capitalization of $23.51 million, a P/E ratio of -0.19 and a beta of 2.54. The company has a quick ratio of 0.64, a current ratio of 0.80 and a debt-to-equity ratio of 18.20. The company’s fifty day moving average price is $2.82 and its 200-day moving average price is $2.73. Local Bounti has a 52-week low of $1.17 and a 52-week high of $6.33.

About Local Bounti

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.