Kathleen Valiasek, the President and CFO of Local Bounti Corporation (NYSE:LOCL), has recently acquired shares in the company, according to a filing with the Securities and Exchange Commission. The insider purchase comes as the stock has shown strong momentum with a 37.5% gain over the past week, though it remains 33% lower over the past six months, according to InvestingPro data. On December 18, Valiasek purchased 600 shares of common stock at a weighted average price of $2.0094 per share. The transaction was executed in multiple trades, with prices ranging from $1.9211 to $2.0694.
The following day, on December 19, Valiasek continued her buying spree, acquiring an additional 1,350 shares at a weighted average price of $1.7934 per share. These trades also occurred at various prices, from $1.69 to $1.833. In total, Valiasek's recent purchases amount to $3,626.
Following these transactions, Valiasek now directly owns 446,155 shares of Local Bounti's common stock. For deeper insights into LOCL's financial health and 16 additional ProTips, including detailed analysis of the company's debt structure and growth prospects, visit InvestingPro.
In other recent news, Local Bounti Corporation, a key player in the U.S. indoor agriculture sector, announced a significant supply agreement to provide living butter lettuce to a multinational retailer. This deal, involving 13 distribution centers, will be fulfilled from Local Bounti's facilities in California and Texas. The company has experienced strong revenue growth of 27.83% over the last twelve months, although it is currently facing challenges, including a gross profit margin of 12.11% and substantial debt obligations.
Furthermore, Local Bounti reported a 50% increase in sales year-over-year, reaching $10.2 million, during its third-quarter earnings call. However, this figure fell short of expectations due to the company's strategic shift towards high-value specialty products, such as Arugula and Spinach. Consequently, the company anticipates achieving positive adjusted EBITDA by the second quarter of 2025.
In addition to these developments, Local Bounti has expanded its customer base, securing over 180 Brookshire Grocery locations and agreements with Sam's Club. Projected revenues for the fourth quarter of 2024 are expected to be around $11 million, reflecting a 67% year-over-year increase. The company is also engaged in ongoing discussions with potential capital partners to secure financing after solidifying customer needs and facility designs. These are among the recent developments that Local Bounti is navigating during this period of strategic transition.
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