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

Local Bounti Co. (NYSE:LOCL) major shareholder Charles R. Schwab purchased 1,700,723 shares of the company’s stock in a transaction on Monday, March 31st. The shares were bought at an average price of $2.00 per share, with a total value of $3,401,446.00. Following the completion of the transaction, the insider now owns 1,700,723 shares of the company’s stock, valued at approximately $3,401,446. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Local Bounti Trading Up 8.8 %

LOCL opened at $2.10 on Thursday. The stock’s 50-day moving average price is $2.19 and its 200 day moving average price is $2.18. Local Bounti Co. has a 12-month low of $1.18 and a 12-month high of $3.33. The firm has a market cap of $18.18 million, a price-to-earnings ratio of -0.12 and a beta of 2.20.

Local Bounti (NYSE:LOCL) last issued its quarterly earnings results 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). The business had revenue of $10.07 million for the quarter, compared to analyst estimates of $10.95 million. Local Bounti had a negative return on equity of 1,095.76% and a negative net margin of 427.08%. During the same period in the prior year, the company posted ($8.10) EPS. On average, research analysts forecast that Local Bounti Co. will post -13.81 earnings per share for the current year.

Hedge Funds Weigh In On Local Bounti

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

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.