29th November 2022
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BlackRock’s Comments On LOCL Sends Stock Price Up By 18%

BlackRock Comments on Local Bounti

Yesterday, Blackrock’s US head of thematics Jay Jacobs gave his thoughts on the sectors to focus on during inflationary times. The 3 sectors that were discussed include agriculture technology were Jay Jacobs discusses outlook of certain stocks including Local Bounti’s (NYSE:LOCL). Since his comments on the company, its stock went up by 18%.

Local Bounti
Source: Google Finance

 

As TipRanks comments “Jacobs points out agricultural technology as one potential answer to the problem of rising food prices. The Russian war in Ukraine promises to push food prices higher; with the world’s food network suppliers facing increased pressure, alternative sources will be in high demand. As Jacobs puts it, “The higher we see these food prices get, the more demand there’s going to be for agricultural technology solutions to put a lid on those prices.”

Local Bounti has grown exponentially since Pete’s acquisition, opening new facilities in Georgia and soon-to-be-opened facilities in Pasco among other locations leading to net revenue increase in their second quarter earnings report to be confirmed in their third quarter earnings.

It has to be noted that Blackrock owns 1.18% (Worth a little more than USD 4.1 million) of the company and recently furthered its position by acquiring 756.9K shares in the company.

Tip Ranks adds that this stock has caught the attention of Oppenheimer analyst Colin Rusch, who writes, “We believe LOCL is building a solid foundation of consistency and quality, leveraging its expertise in environmental controls that is an industry differentiator and that positions LOCL as a partner-of-choice for national expansion. On the product front, we are encouraged by the customer demand pull, Local Bounti branding expansion opportunities, and geographic network development to support a much larger organization…”

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