Zacks: Brokerages Expect Local Bounti Co. (NYSE:LOCL) Will Post Quarterly Sales of $5.96 Million

Equities research analysts expect Local Bounti Co. (NYSE:LOCLGet Rating) to post sales of $5.96 million for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Local Bounti’s earnings, with estimates ranging from $5.50 million to $6.46 million. The firm is scheduled to issue its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Local Bounti will report full year sales of $21.98 million for the current year, with estimates ranging from $21.87 million to $22.17 million. For the next financial year, analysts expect that the firm will report sales of $73.76 million, with estimates ranging from $67.17 million to $82.40 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Local Bounti.

A number of research analysts recently weighed in on LOCL shares. Morgan Stanley started coverage on Local Bounti in a research note on Wednesday, April 20th. They issued an “equal weight” rating and a $8.50 price objective on the stock. Zacks Investment Research raised Local Bounti from a “sell” rating to a “hold” rating in a research note on Saturday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $8.80.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Citigroup Inc. acquired a new stake in Local Bounti in the 1st quarter valued at approximately $40,000. Traynor Capital Management Inc. acquired a new stake in shares of Local Bounti during the 4th quarter worth approximately $77,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of Local Bounti during the 1st quarter worth approximately $126,000. GSA Capital Partners LLP acquired a new stake in shares of Local Bounti during the 1st quarter worth approximately $128,000. Finally, Goldman Sachs Group Inc. acquired a new stake in shares of Local Bounti during the 4th quarter worth approximately $103,000. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

Shares of LOCL traded up $0.11 during midday trading on Friday, reaching $5.29. 168,365 shares of the stock were exchanged, compared to its average volume of 151,761. The business has a 50 day simple moving average of $6.81. The company has a debt-to-equity ratio of 0.13, a current ratio of 5.69 and a quick ratio of 5.60. Local Bounti has a 12-month low of $4.28 and a 12-month high of $12.87.

About Local Bounti (Get Rating)

Local Bounti Corporation grows fresh greens and herbs 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.

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