Kathleen Valiasek, President and Chief Financial Officer of Local Bounti Corporation (NYSE:LOCL), recently acquired 300 shares of the company's common stock. The insider purchase comes as the stock has shown significant momentum, posting a 44% gain over the past week, according to InvestingPro data. The shares were purchased at a weighted average price of $2.1967 per share, with the transaction executed in multiple trades at prices ranging from $2.19 to $2.20. Following this acquisition, Valiasek now directly owns a total of 444,205 shares in the company. While the company currently shows weak financial health with significant debt levels, detailed insider trading patterns and 15+ additional key insights are available on InvestingPro.
In other recent news, Local Bounti Corporation reported significant developments in its operations and financial performance. The company secured a supply agreement to provide its living butter lettuce to a major multinational retailer, a deal that spans 13 distribution centers and will be fulfilled from Local Bounti's facilities in California and Texas. This agreement demonstrates the company's commitment to meeting increasing consumer demand for fresh, sustainable, and locally grown produce.
In financial matters, Local Bounti reported a 50% increase in sales year-over-year, reaching $10.2 million. However, this figure fell short of expectations due to a strategic shift towards high-value specialty products like Arugula and Spinach. The company's current EBITDA stands at -$47.03 million, with analysts anticipating continued sales growth this year.
Local Bounti's third-quarter earnings call revealed a delay in achieving positive adjusted EBITDA, now projected for the second quarter of 2025. This adjustment is attributed to the company's focus on operational efficiency and customer-driven strategy. Furthermore, Local Bounti has expanded its customer base, securing over 180 Brookshire Grocery locations and agreements with Sam's Club. These are among the recent developments that Local Bounti is navigating during this period of strategic transition.
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