Insider Buying: Local Bounti Co. (NYSE:LOCL) Major Shareholder Purchases 1,700,723 Shares of Stock

Local Bounti Co. (NYSE:LOCL) major shareholder Charles R. Schwab bought 1,700,723 shares of the business’s stock in a transaction dated Monday, March 31st. The shares were bought at an average cost of $2.00 per share, for a total transaction of $3,401,446.00. Following the transaction, the insider now owns 1,700,723 shares in the company, valued at approximately $3,401,446. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Local Bounti Stock Up 58.8 %

LOCL stock opened at $4.48 on Friday. Local Bounti Co. has a twelve month low of $1.18 and a twelve month high of $4.75. The stock has a market capitalization of $38.76 million, a price-to-earnings ratio of -0.25 and a beta of 2.20. The firm’s fifty day simple moving average is $2.24 and its two-hundred day simple moving average is $2.20.

Local Bounti (NYSE:LOCL) last issued its quarterly earnings results on Monday, March 31st. The company reported ($4.21) EPS for the quarter, missing the consensus estimate of ($3.89) by ($0.32). The firm had revenue of $10.07 million for the quarter, compared to the consensus estimate of $10.95 million. Local Bounti had a negative net margin of 427.08% and a negative return on equity of 1,095.76%. During the same quarter in the previous year, the company posted ($8.10) earnings per share. As a group, equities research analysts expect that Local Bounti Co. will post -13.81 EPS for the current year.

Institutional Investors Weigh In On Local Bounti

An institutional investor recently bought a new position in Local Bounti stock. Walleye Trading LLC bought a new position in shares of Local Bounti Co. (NYSE:LOCL) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 24,001 shares of the company’s stock, valued at approximately $50,000. Walleye Trading LLC owned about 0.28% of Local Bounti at the end of the most recent quarter. 28.01% of the stock is currently owned by institutional investors.

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.