Local Bounti Corporation (NYSE:LOCL), a $17.3 million market cap company that has seen its stock surge over 64% in the past week, reported a new insider purchase by CEO Craig M. Hurlbert. According to a filing with the Securities and Exchange Commission, Hurlbert acquired 2,750 shares at a weighted average price of approximately $1.9765 per share on December 16, 2024, amounting to a total transaction value of $5,435. InvestingPro data shows the company has achieved 28% revenue growth over the last twelve months, despite operating with significant debt levels.
This transaction was executed in multiple trades, with prices ranging from $1.9379 to $2.12. Following this acquisition, Hurlbert directly owns 311,573 shares of Local Bounti. Additionally, he indirectly holds 1,177,386 shares through Wheat Wind Farms, LLC, where he serves as Member-Manager, granting him voting and dispositive power over these shares. However, Hurlbert disclaims beneficial ownership of the shares held by Wheat Wind Farms, except to the extent of his pecuniary interest. For deeper insights into insider trading patterns and 12 additional key metrics for LOCL, including Fair Value analysis and financial health scores, check out the comprehensive research available on InvestingPro.
In other recent news, Local Bounti Corporation has been making significant strides in the indoor agriculture sector. The company recently secured a supply agreement to provide its living butter lettuce to a major multinational retailer, demonstrating its growing commercial presence. This agreement involves 13 distribution centers and will be fulfilled from Local Bounti's facilities in California and Texas.
Local Bounti's financial performance has also been noteworthy, with a reported 27.83% revenue growth over the last twelve months. Despite a strategic shift towards high-value specialty products resulting in a delay in achieving positive adjusted EBITDA until the second quarter of 2025, the company remains optimistic about its financial future.
In addition to these developments, Local Bounti has successfully completed the transition of its Montana facility to commercial production, contributing to improved operational efficiency. This is part of the company's customer-focused strategy, which includes expanding its customer base. The company recently secured over 180 Brookshire Grocery locations and agreements with Sam's Club.
Looking ahead, Local Bounti anticipates a 67% year-over-year increase in revenues for the fourth quarter of 2024, totaling around $11 million. These are among the recent developments that Local Bounti is navigating during this period of strategic transition.
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