Key Points
- CEO Kathleen Valiasek sold 118,720 shares of Local Bounti stock on July 2 at an average price of $1.30, totaling about $154,336. The sale was disclosed in an SEC filing and was tied to tax withholding on vesting equity awards.
- After the transaction, Valiasek still owned 1,524,860 shares, valued at roughly $1.98 million, and the sale reduced her position by 7.22%.
- Local Bounti stock was down 2.3% and opened at $1.27, while the company continues to face weak fundamentals including a recent quarterly revenue miss and a consensus analyst rating of Sell.
Local Bounti Corporation (NYSE:LOCL - Get Free Report) CEO Kathleen Valiasek sold 118,720 shares of Local Bounti stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $1.30, for a total transaction of $154,336.00. Following the completion of the transaction, the chief executive officer directly owned 1,524,860 shares in the company, valued at approximately $1,982,318. The trade was a 7.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Local Bounti Stock Down 2.3%
Shares of LOCL stock opened at $1.27 on Friday. The firm has a fifty day moving average of $1.67 and a 200-day moving average of $1.75. Local Bounti Corporation has a 12-month low of $0.98 and a 12-month high of $4.00. The company has a market capitalization of $28.95 million, a price-to-earnings ratio of -0.34 and a beta of 2.71.
Local Bounti (NYSE:LOCL - Get Free Report) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.53) EPS for the quarter, meeting the consensus estimate of ($0.53). The company had revenue of $13.34 million during the quarter, compared to the consensus estimate of $19.00 million.
Analysts Set New Price Targets
Separately, Weiss Ratings lowered Local Bounti from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, June 18th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Local Bounti has a consensus rating of "Sell".
Get Our Latest Analysis on Local Bounti
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in LOCL. Walleye Trading LLC acquired a new stake in Local Bounti in the 4th quarter valued at $50,000. Outfitters Financial LLC boosted its stake in shares of Local Bounti by 99.4% during the 4th quarter. Outfitters Financial LLC now owns 30,291 shares of the company's stock worth $65,000 after buying an additional 15,099 shares during the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC bought a new position in shares of Local Bounti in the 4th quarter valued at about $121,000. Finally, Walleye Capital LLC bought a new position in shares of Local Bounti in the 4th quarter valued at about $691,000. Institutional investors own 28.01% of the company's stock.
Local Bounti Company Profile
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Get Free Report)
Local Bounti Inc is a technology-driven indoor farming company that cultivates non-GMO leafy greens, microgreens and culinary herbs in controlled environment agriculture (CEA) facilities. By leveraging its proprietary Hybrid Growing System, the company maintains precise control over lighting, temperature and nutrient delivery, enabling year-round production of high-quality produce free from pesticides and seasonality constraints.
Headquartered in Montana, Local Bounti operates multiple cultivation centers across the United States, each designed to maximize water efficiency and minimize land use.
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