HAMILTON, MT—Travis M. Joyner, Chief Technology Officer of Local Bounti Corporation (NYSE:LOCL), has recently acquired shares in the company. The purchase comes as the stock trades near its InvestingPro Fair Value, despite showing strong returns over the last month. According to a recent SEC filing, Joyner purchased 500 shares of common stock at a price of $1.8557 per share, totaling approximately $927, with the stock now trading at $2.12.
Following this transaction, Joyner's direct and indirect holdings include 59,637.432 shares through a spouse's 401(K), 110,920 shares directly, 35,799.791 shares held by his spouse, and 1,078,653 shares through McLeod Management Co., LLC. Joyner, who serves as a managing member of McLeod, has sole voting and dispositive power over the shares held by the company. However, he disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest. For deeper insights into LOCL's financial health and 16 additional ProTips, visit InvestingPro.
In other recent news, Local Bounti Corporation has announced significant developments. The company reported a 50% increase in sales year-over-year, reaching $10.2 million, during its third-quarter earnings call. However, this figure fell short of expectations, attributed to the company's strategic shift towards high-value specialty products. As a result, Local Bounti anticipates achieving positive adjusted EBITDA by the second quarter of 2025.
Additionally, the company secured a supply agreement to provide its living butter lettuce to a major multinational retailer, demonstrating its growing commercial presence. The agreement is expected to be fulfilled from Local Bounti's facilities in California and Texas. The company also reported the completion of the Montana facility's transition to commercial production, contributing to improved operational efficiency.
Lastly, Local Bounti 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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