Travis M. Joyner, Chief Technology Officer of Local Bounti Corporation (NYSE:LOCL), recently acquired 2,850 shares of the company's common stock. The purchase comes as the stock shows a significant 37.5% return over the past week, though trading at $1.76, well below its 52-week high of $3.33. The shares were purchased at a weighted average price of $1.7946, totaling approximately $5,114. This transaction was executed in multiple trades with prices ranging from $1.77 to $1.84. Following this purchase, Joyner holds a total of 59,137.432 shares indirectly through his spouse's 401(K).
In addition to these shares, Joyner has direct ownership of 110,920 shares and indirect ownership of 35,799.791 shares through his spouse. Furthermore, he controls 1,078,653 shares via McLeod Management Co., LLC, where he serves as a managing member. Joyner disclaims beneficial ownership of the shares held by McLeod, except to the extent of his pecuniary interest.
In other recent news, Local Bounti Corporation has been making significant strides in the indoor agriculture sector. The company reported a 50% increase in sales year-over-year, reaching $10.2 million, and secured a supply agreement with a major multinational retailer. However, this growth was not without challenges, as the company's strategic shift towards high-value specialty products led to a delay in achieving positive adjusted EBITDA until the second quarter of 2025.
Local Bounti also announced the completion of the Montana facility's transition to commercial production, contributing to improved operational efficiency. The company has expanded its customer base, securing over 180 Brookshire Grocery locations, and agreements with Sam's Club. Analysts anticipate continued sales growth this year, with projected revenues for the fourth quarter of 2024 expected to be around $11 million, reflecting a 67% year-over-year increase.
These are among the recent developments that Local Bounti is navigating during this period of strategic transition. The company is in ongoing discussions with potential capital partners to secure financing after solidifying customer needs and facility designs. Despite the challenges, Local Bounti remains committed to its mission of providing accessible, fresh, and sustainable produce to communities nationwide.
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