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

Local Bounti Co. (NYSE:LOCL) major shareholder Charles R. Schwab acquired 1,700,723 shares of the company’s stock in a transaction dated Monday, March 31st. The shares were bought at an average cost of $2.00 per share, with a total value of $3,401,446.00. Following the purchase, the insider now owns 1,700,723 shares in the company, valued at approximately $3,401,446. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 Price Performance

Local Bounti stock traded up $0.17 during midday trading on Wednesday, hitting $2.10. 19,313 shares of the stock were exchanged, compared to its average volume of 11,096. The company has a 50 day moving average price of $2.19 and a two-hundred day moving average price of $2.18. The firm has a market cap of $18.18 million, a P/E ratio of -0.12 and a beta of 2.20. Local Bounti Co. has a 1 year low of $1.18 and a 1 year high of $3.33.

Local Bounti (NYSE:LOCL) last issued its quarterly earnings data on Monday, March 31st. The company reported ($4.21) earnings per share for the quarter, missing the consensus estimate of ($3.89) by ($0.32). The firm had revenue of $10.07 million during 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 prior year, the business earned ($8.10) earnings per share. As a group, analysts predict that Local Bounti Co. will post -13.81 EPS for the current year.

Institutional Trading of 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 the company in its most recent filing with the SEC. The institutional investor acquired 24,001 shares of the company’s stock, valued at approximately $50,000. Walleye Trading LLC owned 0.28% of Local Bounti as of its most recent filing with the SEC. 28.01% of the stock is currently owned by institutional investors and hedge funds.

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.