Local Bounti (NYSE:LOCL) Stock Price Down 12.3% – Time to Sell?

Local Bounti Corporation (NYSE:LOCL) was down 12.3% during mid-day trading on Wednesday . The company traded as low as $1.04 and last traded at $1.07. Approximately 90,979 shares traded hands during trading, an increase of 147% from the average session volume of 36,806 shares. The stock had previously closed at $1.22.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut Local Bounti from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company has an average rating of “Sell”.

Local Bounti Price Performance

The stock’s 50 day moving average is $1.11 and its two-hundred day moving average is $1.37. The stock has a market capitalization of $25.13 million, a PE ratio of -0.39 and a beta of 2.73.

Local Bounti (NYSE:LOCL) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.18). The company had revenue of $13.85 million for the quarter, compared to the consensus estimate of $22.00 million.

Insider Activity at Local Bounti

In other news, CEO Kathleen Valiasek sold 118,720 shares of the company’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $1.30, for a total transaction of $154,336.00. Following the completion of the transaction, the chief executive officer directly owned 1,524,860 shares of the company’s stock, valued at approximately $1,982,318. This represents a 7.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 21.00% of the company’s stock.

Institutional Trading of Local Bounti

A hedge fund recently bought a new stake in Local Bounti stock. Schwarz Dygos Wheeler Investment Advisors LLC acquired a new position in shares of Local Bounti Corporation (NYSE:LOCL) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 56,705 shares of the company’s stock, valued at approximately $121,000. Schwarz Dygos Wheeler Investment Advisors LLC owned about 0.25% of Local Bounti as of its most recent filing with the SEC. Institutional investors and hedge funds own 28.01% of the company’s stock.

Local Bounti Company Profile

Local Bounti Corporation (NYSE: LOCL) was a controlled-environment agriculture company focused on growing fresh produce indoors. The company used hydroponic and vertical-farming methods, including its proprietary Stack & Flow Technology, to cultivate crops in climate-controlled facilities throughout the year.

Its product portfolio primarily included leafy greens, lettuce and fresh herbs marketed under the Local Bounti brand. The company supplied produce to grocery retailers, foodservice distributors and other commercial customers, emphasizing locally grown products with consistent availability and quality.

Founded in 2018 and headquartered in Hamilton, Montana, Local Bounti developed and operated indoor growing facilities serving customers in multiple U.S.