Local Bounti Corporation (NYSE:LOCL) Short Interest Down 31.4% in October

Local Bounti Corporation (NYSE:LOCL) was the target of a large decline in short interest during the month of October. As of October 15th, there was short interest totaling 61,300 shares, a decline of 31.4% from the September 30th total of 89,300 shares. Approximately 2.6% of the company’s stock are sold short. Based on an average daily volume of 31,800 shares, the short-interest ratio is currently 1.9 days. Based on an average daily volume of 31,800 shares, the short-interest ratio is currently 1.9 days. Approximately 2.6% of the company’s stock are sold short.

Local Bounti Trading Down 4.0%

Shares of NYSE:LOCL opened at $2.50 on Wednesday. The firm has a 50 day simple moving average of $2.79 and a 200-day simple moving average of $2.57. Local Bounti has a twelve month low of $1.18 and a twelve month high of $5.75. The company has a market capitalization of $55.19 million, a PE ratio of -0.18 and a beta of 2.09.

Local Bounti (NYSE:LOCL) last announced its quarterly earnings results on Wednesday, August 13th. The company reported ($1.63) EPS for the quarter, topping the consensus estimate of ($1.95) by $0.32. The company had revenue of $12.10 million for the quarter, compared to analyst estimates of $12.40 million. As a group, equities research analysts predict that Local Bounti will post -13.81 EPS for the current fiscal year.

Institutional Trading of Local Bounti

Several institutional investors and hedge funds have recently made changes to their positions in the company. Outfitters Financial LLC acquired a new stake in shares of Local Bounti in the 3rd quarter valued at about $45,000. Pinnacle Associates Ltd. acquired a new stake in shares of Local Bounti in the first quarter valued at approximately $64,000. Finally, BBR Partners LLC boosted its holdings in shares of Local Bounti by 564.7% in the second quarter. BBR Partners LLC now owns 194,696 shares of the company’s stock valued at $456,000 after acquiring an additional 165,403 shares during the period. 28.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Local Bounti in a report on Tuesday, October 14th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has an average rating of “Sell”.

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.