Local Bounti (NYSE:LOCL) Posts Quarterly Earnings Results

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

Local Bounti Stock Down 5.5 %

Shares of NYSE LOCL traded down $0.16 during mid-day trading on Wednesday, reaching $2.77. The company had a trading volume of 2,033 shares, compared to its average volume of 11,217. The stock has a fifty day moving average of $2.82 and a two-hundred day moving average of $2.73. The company has a debt-to-equity ratio of 18.20, a quick ratio of 0.64 and a current ratio of 0.80. The company has a market capitalization of $23.51 million, a price-to-earnings ratio of -0.19 and a beta of 2.54. Local Bounti has a 12-month low of $1.17 and a 12-month high of $6.33.

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.