Key Points
- CEO Kathleen Valiasek sold 118,720 Local Bounti shares at an average price of $1.06, totaling $125,843.20. The sale reduced her ownership by 7.79% and was conducted to cover tax withholding tied to vested equity awards.
- Local Bounti reported quarterly revenue of $13.85 million and an adjusted loss of $0.68 per share, missing analyst expectations of $22.00 million in revenue and a $0.50-per-share loss.
- The stock opened at $1.08 and has a market capitalization of approximately $25.37 million. The company carries an average analyst rating of “Sell,” with one analyst covering the stock.
Local Bounti Corporation (NYSE:LOCL - Get Free Report) CEO Kathleen Valiasek sold 118,720 shares of Local Bounti stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $1.06, for a total transaction of $125,843.20. Following the sale, the chief executive officer owned 1,406,140 shares of the company's stock, valued at approximately $1,490,508.40. This trade represents a 7.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Local Bounti Stock Performance
Shares of LOCL opened at $1.08 on Wednesday. Local Bounti Corporation has a 1 year low of $0.95 and a 1 year high of $4.00. The company's 50 day simple moving average is $1.08 and its 200 day simple moving average is $1.37. The company has a market capitalization of $25.37 million, a price-to-earnings ratio of -0.39 and a beta of 2.81.
Local Bounti (NYSE:LOCL - Get Free Report) last released its earnings results on Wednesday, August 12th. The company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.50) by ($0.18). The business had revenue of $13.85 million for the quarter, compared to analysts' expectations of $22.00 million.
Analyst Ratings Changes
Separately, Weiss Ratings upgraded Local Bounti from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has an average rating of "Sell".
View Our Latest Stock Analysis on LOCL
About Local Bounti
(
Get Free Report)
Local Bounti Corporation (NYSE: LOCL) is an indoor agriculture company focused on growing fresh leafy greens and herbs in controlled-environment facilities. The company uses its proprietary Stack & Flow technology, which combines vertical farming and greenhouse cultivation methods to produce crops throughout the year while managing growing conditions such as light, temperature, water and nutrients.
Its product portfolio has included living lettuce, salad greens and culinary herbs such as basil and cilantro.
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