Kathleen Valiasek, President and Chief Financial Officer of Local Bounti Corporation (NYSE:LOCL), has acquired additional shares of the company amid significant stock price weakness, with shares down over 56% in the past six months. According to a recent SEC filing, Valiasek purchased a total of 4,175 shares of common stock over two days, December 11 and 12, 2024. InvestingPro analysis indicates the stock is currently trading below its Fair Value, with technical indicators suggesting oversold conditions. The transactions were executed at prices ranging from $1.248 to $1.3674 per share, resulting in a total investment of approximately $5,341.
Following these purchases, Valiasek now holds 437,405 shares of Local Bounti stock directly. The transactions were conducted in multiple trades, and the prices reported reflect the weighted average purchase price.
In other recent news, Local Bounti Corporation reported a 50% increase in sales year-over-year, reaching $10.2 million, during its third-quarter earnings call. However, the company noted that this figure fell short of expectations due to a strategic shift towards high-value specialty products. As a result of this shift, the achievement of positive adjusted EBITDA has been delayed until the second quarter of 2025.
Despite these challenges, Local Bounti has seen improved operational efficiency and expanded its customer base, which now includes over 180 Brookshire Grocery locations and agreements with Sam’s Club. The company’s adjusted gross margin also improved to 32%.
Looking forward, Local Bounti expects fourth-quarter revenues to be around $11 million, reflecting a 67% year-over-year increase. The company is also engaging in discussions to optimize its capital structure and is considering expanding in the Midwest based on customer demand. These are the recent developments for Local Bounti as it navigates a period of strategic transition, focusing on customer demand and operational efficiency to drive future growth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
