Local Bounti Corporation (NYSE:LOCL) Short Interest Up 222.5% in April

Local Bounti Corporation (NYSE:LOCL) was the recipient of a significant increase in short interest in April. As of April 30th, there was short interest totaling 181,502 shares, an increase of 222.5% from the April 15th total of 56,288 shares. Based on an average daily trading volume, of 7,863,959 shares, the days-to-cover ratio is presently 0.0 days. Approximately 1.0% of the company’s shares are short sold.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LOCL. Walleye Capital LLC purchased a new position in shares of Local Bounti in the 4th quarter valued at about $691,000. Schwarz Dygos Wheeler Investment Advisors LLC purchased a new position in shares of Local Bounti in the 4th quarter valued at about $121,000. Walleye Trading LLC purchased a new position in shares of Local Bounti in the 4th quarter valued at about $50,000. Finally, Outfitters Financial LLC increased its holdings in shares of Local Bounti by 99.4% in the 4th 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. Hedge funds and other institutional investors own 28.01% of the company’s stock.

Local Bounti Stock Up 2.8%

NYSE LOCL traded up $0.05 during trading hours on Friday, hitting $1.91. 106,689 shares of the company were exchanged, compared to its average volume of 4,373,369. The company has a 50 day moving average of $1.55 and a two-hundred day moving average of $2.00. Local Bounti has a 52-week low of $0.98 and a 52-week high of $4.00. The firm has a market cap of $42.85 million, a price-to-earnings ratio of -0.51 and a beta of 2.78.

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

Analysts Set New Price Targets

Separately, Weiss Ratings raised Local Bounti from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, 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.