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

Local Bounti Co. (NYSE:LOCL) saw a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 62,400 shares, a drop of 32.3% from the January 15th total of 92,200 shares. Approximately 1.8% of the company’s shares are short sold. Based on an average daily volume of 18,900 shares, the days-to-cover ratio is currently 3.3 days.

Local Bounti Price Performance

Shares of Local Bounti stock traded up $0.01 during trading on Friday, hitting $2.28. 11,704 shares of the company were exchanged, compared to its average volume of 10,516. The firm has a market capitalization of $19.74 million, a P/E ratio of -0.13 and a beta of 2.23. The firm’s fifty day moving average price is $2.06 and its 200 day moving average price is $2.28. Local Bounti has a 1-year low of $1.18 and a 1-year high of $3.33.

Insider Activity

In related news, Director Jennifer Carr-Smith sold 21,237 shares of Local Bounti stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $1.48, for a total transaction of $31,430.76. Following the completion of the sale, the director now directly owns 14,880 shares of the company’s stock, valued at $22,022.40. The trade was a 58.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders have acquired 24,297 shares of company stock valued at $40,389. 38.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Local Bounti stock. Walleye Trading LLC purchased a new stake in Local Bounti Co. (NYSE:LOCL) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 24,001 shares of the company’s stock, valued at approximately $50,000. Walleye Trading LLC owned 0.28% of Local Bounti as of its most recent SEC filing. 28.01% of the stock is owned by institutional investors and hedge funds.

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.