Local Bounti Corporation (NYSE:LOCL) Sees Significant Drop in Short Interest

Local Bounti Corporation (NYSE:LOCL) was the target of a large decrease in short interest in May. As of May 29th, there was short interest totaling 81,723 shares, a decrease of 52.1% from the May 14th total of 170,499 shares. Based on an average daily volume of 43,445 shares, the days-to-cover ratio is currently 1.9 days. Currently, 0.5% of the company’s shares are sold short.

Local Bounti Stock Up 0.9%

Shares of NYSE LOCL traded up $0.01 during trading on Friday, reaching $1.37. 26,836 shares of the company traded hands, compared to its average volume of 38,049. The firm has a 50 day simple moving average of $1.77 and a 200-day simple moving average of $1.87. The stock has a market capitalization of $31.28 million, a PE ratio of -0.37 and a beta of 2.68. Local Bounti has a 52-week low of $0.98 and a 52-week high of $4.00.

Local Bounti (NYSE:LOCL) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.53) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.53). The company had revenue of $13.34 million for the quarter, compared to analysts’ expectations of $19.00 million.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in LOCL. Walleye Capital LLC purchased a new position in shares of Local Bounti in the fourth quarter worth $691,000. Schwarz Dygos Wheeler Investment Advisors LLC bought a new position in Local Bounti during the fourth quarter valued at $121,000. Walleye Trading LLC bought a new position in Local Bounti during the fourth quarter valued at $50,000. Finally, Outfitters Financial LLC increased its position in Local Bounti by 99.4% during the fourth quarter. Outfitters Financial LLC now owns 30,291 shares of the company’s stock valued at $65,000 after acquiring an additional 15,099 shares during the last quarter. 28.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Local Bounti from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 4th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus rating of “Sell”.

About Local Bounti

Local Bounti Inc is a technology-driven indoor farming company that cultivates non-GMO leafy greens, microgreens and culinary herbs in controlled environment agriculture (CEA) facilities. By leveraging its proprietary Hybrid Growing System, the company maintains precise control over lighting, temperature and nutrient delivery, enabling year-round production of high-quality produce free from pesticides and seasonality constraints.

Headquartered in Montana, Local Bounti operates multiple cultivation centers across the United States, each designed to maximize water efficiency and minimize land use.