Displaying Stock availability like product labels

functions.php

add_action( 'woocommerce_before_shop_loop_item_title', 'mc_make_availability_like_ribbon', 25 );

function mc_make_availability_like_ribbon() {
	global $product;
	
	$availability = $product->get_availability();
	$stock_status = $availability['class'];
	
	if( $stock_status == 'out-of-stock' ) {
		$label = __( 'Out of Stock', 'mediacenter' ) ;
		$label_class = 'red';
	} else {
		$label = __( 'In Stock', 'mediacenter' ) ;
		$label_class = 'green';
	}

	echo '<div class="ribbon ' . esc_attr( $label_class ) . '"><span>' . $label . '</span></div>';
}