Local Bounti (NYSE:LOCL) Posts Quarterly Earnings Results, Beats Estimates By $0.24 EPS

Local Bounti (NYSE:LOCL) released its quarterly earnings data on Wednesday. The company reported ($1.18) earnings per share for the quarter, beating the consensus estimate of ($1.42) by $0.24, RTT News reports. The firm had revenue of $12.20 million during the quarter, compared to the consensus estimate of $12.60 million. During the same quarter in the previous year, the firm earned ($4.01) earnings per share.

Local Bounti Price Performance

Shares of LOCL stock traded down $0.04 during mid-day trading on Friday, hitting $2.42. 9,734 shares of the stock traded hands, compared to its average volume of 25,521. Local Bounti has a 52-week low of $1.18 and a 52-week high of $5.75. The stock has a market cap of $53.53 million, a P/E ratio of -0.21 and a beta of 2.09. The stock’s fifty day moving average is $2.81 and its two-hundred day moving average is $2.58.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Local Bounti in a report on Tuesday. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Local Bounti currently has a consensus rating of “Sell”.

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.