Local Bounti Co. (NYSE:LOCL) Major Shareholder Charles R. Schwab Buys 1,700,723 Shares of Stock

Local Bounti Co. (NYSE:LOCL) major shareholder Charles R. Schwab acquired 1,700,723 shares of Local Bounti stock in a transaction that occurred on Monday, March 31st. The stock was purchased at an average cost of $2.00 per share, with a total value of $3,401,446.00. Following the completion of the purchase, the insider now owns 1,700,723 shares in the company, valued at $3,401,446. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Local Bounti Stock Up 8.8 %

Local Bounti stock opened at $2.10 on Thursday. The company has a fifty day simple moving average of $2.19 and a 200-day simple moving average of $2.18. The firm has a market capitalization of $18.18 million, a price-to-earnings ratio of -0.12 and a beta of 2.20. Local Bounti Co. has a 52-week low of $1.18 and a 52-week high of $3.33.

Local Bounti (NYSE:LOCL) last announced its quarterly earnings data on Monday, March 31st. The company reported ($4.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($3.89) by ($0.32). Local Bounti had a negative net margin of 427.08% and a negative return on equity of 1,095.76%. The business had revenue of $10.07 million for the quarter, compared to analysts’ expectations of $10.95 million. During the same period in the prior year, the company posted ($8.10) EPS. On average, research analysts anticipate that Local Bounti Co. will post -13.81 EPS for the current fiscal year.

Hedge Funds 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 Local Bounti Co. (NYSE:LOCL) in the fourth quarter, according to its most recent disclosure with the 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 as of its most recent SEC filing. 28.01% of the stock is owned by hedge funds and other 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.