Kathleen Valiasek, President and Chief Financial Officer of Local Bounti Corporation (NYSE:LOCL), has acquired 4,400 shares of the company's common stock. The transaction comes as the stock trades near its 52-week low of $1.18, having declined nearly 57% over the past six months. The purchase, executed on December 13, 2024, was conducted at a weighted average price of $1.2778 per share, resulting in a total purchase value of approximately $5,622.
The shares were acquired in multiple trades, with prices ranging from $1.229 to $1.3575. Following this transaction, Valiasek holds a total of 441,805 shares in Local Bounti. According to InvestingPro, the stock's RSI suggests oversold conditions, while additional analysis reveals 14 more key insights about the company's financial health and market position. Discover comprehensive insider trading patterns and detailed financial metrics with an InvestingPro subscription.
In other recent news, Local Bounti Corporation has reported significant developments in its operations and financial performance. The company announced a supply agreement to provide its living butter lettuce to a major multinational retailer, a significant step that underlines its growing commercial presence. This comes as the company reported strong revenue growth of 27.83% over the last year. However, the company also faces challenges, such as a gross profit margin of 12.11% and significant debt obligations.
In terms of financial performance, Local Bounti reported a 50% increase in sales year-over-year, reaching $10.2 million. Despite this, the company's shift towards high-value specialty products like Arugula and Spinach has led to a delay in achieving positive adjusted EBITDA, now expected by the second quarter of 2025. Furthermore, the company has completed the transition of the Montana facility to commercial production, improving operational efficiency.
Local Bounti has also expanded its customer base, securing over 180 Brookshire Grocery locations and agreements with Sam's Club. The company expects revenues for the fourth quarter of 2024 to be around $11 million, reflecting a 67% year-over-year increase. Lastly, the company is in 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.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.