This sale was conducted as part of a pre-arranged trading plan under Rule 10b5-1, which Bal adopted on August 14, 2024. In addition to the sale, Bal also acquired shares through the exercise of stock options. She acquired a total of 28,246 shares of common stock at prices ranging from $15.31 to $25.56, with a total value of $596,374. Following these transactions, Bal holds 59,371 shares of Vital Farms stock. InvestingPro analysis shows the company maintains strong financial health with a "GREAT" overall score, and 12 additional ProTips are available to subscribers, including detailed insights on profitability and growth metrics. InvestingPro analysis shows the company maintains strong financial health with a "GREAT" overall score, and 12 additional ProTips are available to subscribers, including detailed insights on profitability and growth metrics. This sale was conducted as part of a pre-arranged trading plan under Rule 10b5-1, which Bal adopted on August 14, 2024.
In addition to the sale, Bal also acquired shares through the exercise of stock options. She acquired a total of 28,246 shares of common stock at prices ranging from $15.31 to $25.56, with a total value of $596,374. Following these transactions, Bal holds 59,371 shares of Vital Farms stock.
In other recent news, Vital Farms has shown robust growth, reporting a 31.3% increase in third-quarter net revenue, reaching $145 million. The company's gross margin improved to 36.9% for the quarter, while the adjusted EBITDA increased by 64.5% to $15.2 million. In addition, Vital Farms has set an ambitious target of $1 billion in net revenue by 2027, supported by strategic expansion plans including a new facility in Indiana.
TD Cowen recently raised its price target for Vital Farms to $49, maintaining its Buy rating, following the announcement of the company's expansion plan. Meanwhile, Lake Street Capital Markets maintained its positive stance on Vital Farms shares, reaffirming its Buy rating and a price target of $50. However, Jefferies adjusted the price target for Vital Farms to $41, while continuing to endorse the stock with a Buy rating.
In other developments, Vital Farms has made significant executive hires, including Reena Van Hoven as Chief People Officer and Joe Holland as Chief Supply Chain Officer. Despite anticipating slower fourth-quarter production growth due to maintenance, Vital Farms expects to exceed its original annual revenue guidance for 2024, which stands at least $600 million. This reflects a growth expectation of 27%, demonstrating the company's continued commitment to growth and expansion.
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