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

Local Bounti Corporation (NYSE:LOCL) was the recipient of a significant decrease in short interest during the month of 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. Currently, 0.5% of the company’s shares are short sold. Based on an average daily volume of 43,445 shares, the short-interest ratio is currently 1.9 days.

Hedge Funds Weigh In On Local Bounti

Institutional investors have recently bought and sold shares of the business. Walleye Capital LLC purchased a new position in Local Bounti during the 4th quarter worth approximately $691,000. Walleye Trading LLC purchased a new stake in Local Bounti in the 4th quarter worth $50,000. Schwarz Dygos Wheeler Investment Advisors LLC purchased a new stake in Local Bounti in the 4th quarter worth $121,000. Finally, Outfitters Financial LLC increased its holdings in Local Bounti by 99.4% in the 4th quarter. Outfitters Financial LLC now owns 30,291 shares of the company’s stock worth $65,000 after acquiring an additional 15,099 shares in the last quarter. 28.01% of the stock is owned by hedge funds and other institutional investors.

Local Bounti Trading Up 0.9%

Shares of NYSE:LOCL traded up $0.01 during trading on Friday, reaching $1.37. The stock had a trading volume of 26,836 shares, compared to its average volume of 38,049. The company has a market capitalization of $31.28 million, a P/E ratio of -0.37 and a beta of 2.68. The firm’s 50-day simple moving average is $1.77 and its 200 day simple moving average is $1.87. Local Bounti has a one year low of $0.98 and a one year high of $4.00.

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

Wall Street Analysts Forecast Growth

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