Craig Hurlbert, the Chief Executive Officer of Local Bounti Corporation (NYSE:LOCL), recently acquired 1,250 shares of the company’s common stock. The transaction, which took place on December 11, 2024, was executed at a price of $1.3922 per share, amounting to a total purchase value of $1,740. This insider purchase comes as the stock trades near its 52-week low of $1.20, having declined nearly 49% over the past year. According to InvestingPro analysis, the stock’s RSI indicates oversold conditions.
Following this acquisition, Hurlbert holds a total of 308,823 shares directly. Additionally, he has indirect control over 1,177,386 shares through Wheat Wind Farms, LLC, where he serves as Member-Manager. However, Hurlbert disclaims beneficial ownership of these indirectly held shares, except to the extent of his pecuniary interest. With a current market capitalization of just $11.5 million, InvestingPro data reveals the company faces significant challenges, including substantial debt burden and rapid cash burn. Discover more insights about insider trading patterns and 15+ additional ProTips with an InvestingPro subscription.
In other recent news, Local Bounti Corporation reported a 50% year-over-year increase in sales, totaling $10.2 million, during its third-quarter earnings call. However, this fell below expectations due to a strategic shift towards high-value specialty products like Arugula and Spinach. This shift also led to a delay in achieving positive adjusted EBITDA, now projected for the second quarter of 2025. Despite these developments, the company has expanded its customer base which includes over 180 Brookshire Grocery locations and agreements with Sam’s Club. The transition of the Montana facility to commercial production is complete, contributing to improved performance. Fourth-quarter revenues are expected to be around $11 million, a 67% year-over-year increase. Lastly, Local Bounti is in discussions to optimize its capital structure while maintaining disciplined capital allocation.
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