Local Bounti Corp Down 0.25% To $2.86 After Earnings

Local Bounti Corp (LOCL) said before open Wednesday that it broke even in quarter four 2023.

In the same quarter a year ago, the company lost $3.9 per share on revenue of $6.6 million.

The stock is down 0.25% to $2.86 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Local Bounti Corp a Bullish Sentiment Rank from InvestorsObserver.

Local Bounti Corp has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 23, putting Local Bounti Corp in the bottom 25% of stocks. The firm set a 52-week low on October 27, 2023 at $1.17 and set a 52-week high on March 31, 2023 at $10.51.

Local Bounti Corp is a premier controlled environment agriculture company. Its business model is based on building local facilities, operated by local teams, to deliver fresh and quality produce to local communities while maintaining a limited carbon footprint. Using proprietary technology to grow leafy greens and herbs in smart greenhouses with a cultivation process that uses less water and land than conventional agriculture, free from herbicides or pesticides, it delivers products that have a longer shelf life, and are good in taste.