Travis M. Joyner, the Chief Technology Officer of Local Bounti Corporation (NYSE:LOCL), recently acquired additional shares of the company's common stock. According to a recent filing, Joyner purchased 2,747 shares on December 13, 2024, at a weighted average price of $1.25 per share, totaling approximately $3,443. This transaction was executed in multiple trades with prices ranging from $1.22 to $1.30. The purchase comes as InvestingPro data shows the stock trading in oversold territory, with shares down nearly 57% over the past six months.
Following this acquisition, Joyner now holds a substantial number of shares indirectly through various entities. His total holdings include 53,037 shares in a spouse's 401(K), 110,920 shares directly, 35,799 shares held by his spouse, and 1,078,653 shares managed by McLeod Management Co., LLC, where Joyner serves as a managing member. Joyner has sole voting and dispositive power over the shares held by McLeod, although he disclaims beneficial ownership except to the extent of his pecuniary interest. InvestingPro analysis reveals the company faces significant financial challenges, with a weak health score of 1.28 and a concerning debt-to-equity ratio of -6.84, despite showing strong revenue growth of 27.83% over the last twelve months.
In other recent news, Local Bounti Corporation has secured a supply agreement with a major multinational retailer, expanding its commercial presence. The deal involves 13 distribution centers and will be fulfilled from Local Bounti's facilities in California and Texas. The company reported strong revenue growth of 27.83% over the last twelve months. However, Local Bounti's gross profit margin stands at 12.11%, and the company has significant debt obligations.
Local Bounti reported a 50% increase in sales year-over-year, reaching $10.2 million, during its third-quarter earnings call. The company completed the transition of the Montana facility to commercial production, contributing to improved operational efficiency. Local Bounti anticipates achieving positive adjusted EBITDA by the second quarter of 2025.
The company has also expanded its customer base, securing over 180 Brookshire Grocery locations and agreements with Sam's Club. Projected revenues for the fourth quarter of 2024 are expected to be around $11 million, reflecting a 67% year-over-year increase. The company is in ongoing discussions with potential capital partners to secure financing after solidifying customer needs and facility designs. These are the recent developments that Local Bounti is navigating during this period of strategic transition.
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