Local Bounti (NYSE:LOCL) Stock Price Down 3.8% – Time to Sell?

Shares of Local Bounti Co. (NYSE:LOCL) dropped 3.8% during mid-day trading on Wednesday . The stock traded as low as $2.65 and last traded at $2.65. Approximately 7,600 shares were traded during trading, a decline of 25% from the average daily volume of 10,174 shares. The stock had previously closed at $2.75.

Local Bounti Price Performance

The company has a fifty day moving average price of $2.55 and a two-hundred day moving average price of $2.72. The firm has a market cap of $21.81 million, a price-to-earnings ratio of -0.17 and a beta of 2.53.

Local Bounti (NYSE:LOCL) last released its earnings results on Tuesday, August 13th. The company reported ($3.00) EPS for the quarter, topping analysts’ consensus estimates of ($3.19) by $0.19. Local Bounti had a negative net margin of 441.65% and a negative return on equity of 1,095.76%. The business had revenue of $9.44 million for the quarter, compared to the consensus estimate of $11.30 million. During the same period in the previous year, the firm earned ($1.35) EPS. On average, research analysts expect that Local Bounti Co. will post -11.24 earnings per share for the current fiscal year.

About Local Bounti

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.