The reverse split is set to occur before the opening of the market on Thursday 15th June. On Thursday, June 15, the reverse split of 1-13 was announced. After the close of Thursday's market, June 15, shareholders will have their shares adjusted.
Local Bounti Price Performance
The stock rose $0.02 in midday trading, reaching $0.40. Stock traded 217,436 times its average of 528.036. The company's market capitalization is $42.01 millions, with a PE of -0.33. It also has a beta value of 1.70. The stock's 50-day moving average is $0.50, and its 200-day moving average is $0.95. Local Bounti's 1 year low is $0.30, and its 1 year high is $4.82. The company announced ($0.30) EPS for the quarter, missing analysts' consensus estimates of ($0.27) by $0.03. The company's ($0.30) quarterly earnings missed analysts' expectations of ($0.27) ($0.03). Local Bounti reported a negative return of equity of 90.64%, and a net margin of negative 420.34%. The company's revenue for the third quarter was $6.64m, which was lower than analysts' expectations of $8.58m. Analysts expect Local Bounti to post an average of -0.92 earnings per share for the current fiscal period.
Analyst Upgrades and downgrades
LOCL has been the subject of several brokerages' opinions. In a report published on Thursday, 11th May, Deutsche Bank Aktiengesellschaft reduced their Local Bounti price target from $2.00 down to $1.00. Oppenheimer reduced their price target for Local Bounti in a report published on Thursday, 30th March from $13.00 down to $3.00. They also gave the stock an 'outperform rating'. Lake Street Capital reduced their price target for Local Bounti to $3.50 from $10.00 and gave the stock a "buy" rating in a report published on Thursday, 30th March. Roth Mkm, in a report published on April 3rd, cut its price target for Local Bounti to $3.00 from $6.00. Four analysts have given the stock a buy recommendation, while one has given it a hold rating. MarketBeat.com data shows that Local Bounti's average rating is 'Moderate' Buy with an average price target of $2.65.
Hedge Funds Make a Play for Local Bounti
Recently, several hedge funds bought and sold the shares of this company. Alyeska Investment Group L.P. grew its position in Local Bounti during the first quarter by 45.6%. Alyeska Investment Group L.P. owns 183 215 shares worth $146,000, after purchasing 57 420 additional shares during the last quarter. BlackRock Inc. increased their position in Local Bounti during the first quarter by 13.4%. BlackRock Inc. owns 3,430.628 shares worth $2.735,000, after purchasing an additional 405,883 in the last quarter. BNP PARIBAS Asset Management Holding SA increased its position in Local Bounti from 8.2% to $1,050,000 during the first three months. BNP PARIBAS Asset Management Holding SA now owns 4,680.063 shares worth $3.730,000, after purchasing an additional 355,864 in the last quarter. MetLife Investment Management LLC acquired a new stake of $55,000 in Local Bounti during the fourth quarter. Voya Investments Management LLC increased its stake in Local Bounti shares by 9.8% during the fourth quarter. Voya Investment Management LLC owns now 491,368 of the company’s stock worth $683,000, after buying an additional 43 729 shares over the period. The stock is held by hedge funds, other institutional investors and 65.27%.
Bounti Corporation, a local company in the United States, grows fresh herbs and greens. It produces herbs, loose-leaf and lettuce. The company sells to food retailers and distributors. Local Bounti Corporation, headquartered in Hamilton Montana, was founded in 2018.
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