Local Bounti (NYSE:LOCL) Releases Earnings Results, Beats Expectations By $0.19 EPS

Local Bounti (NYSE:LOCL) posted its quarterly earnings data on Tuesday. The company reported ($3.00) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.19) by $0.19, Yahoo Finance reports. Local Bounti had a negative return on equity of 273.85% and a negative net margin of 425.89%. The business had revenue of $9.44 million for the quarter, compared to analyst estimates of $11.30 million. During the same quarter in the prior year, the company earned ($1.35) earnings per share. Local Bounti updated its FY 2024 guidance to EPS.

Local Bounti Stock Down 11.9 %

NYSE:LOCL traded down $0.35 during trading hours on Wednesday, hitting $2.58. The company’s stock had a trading volume of 10,893 shares, compared to its average volume of 11,282. The stock has a market capitalization of $21.90 million, a P/E ratio of -0.18 and a beta of 2.54. The company has a current ratio of 0.80, a quick ratio of 0.64 and a debt-to-equity ratio of 18.20. The stock has a fifty day moving average of $2.82 and a 200-day moving average of $2.73. Local Bounti has a 52-week low of $1.17 and a 52-week high of $6.33.

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.