Local Bounti (NYSE:LOCL) CEO Sells $125,843.20 in Stock

Local Bounti Corporation (NYSE:LOCL) CEO Kathleen Valiasek sold 118,720 shares of the firm’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $1.06, for a total value of $125,843.20. Following the completion of the sale, the chief executive officer directly owned 1,406,140 shares in the company, valued at $1,490,508.40. This trade represents a 7.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Local Bounti Stock Performance

Shares of Local Bounti stock traded up $0.01 during midday trading on Tuesday, hitting $1.08. 8,250 shares of the company traded hands, compared to its average volume of 484,855. The firm’s fifty day moving average price is $1.08 and its 200-day moving average price is $1.37. The stock has a market cap of $25.37 million, a price-to-earnings ratio of -0.39 and a beta of 2.81. Local Bounti Corporation has a 12 month low of $0.95 and a 12 month high of $4.00.

Local Bounti (NYSE:LOCL) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.18). The firm had revenue of $13.85 million during the quarter, compared to the consensus estimate of $22.00 million.

Analyst Ratings Changes

Separately, Weiss Ratings raised shares of Local Bounti from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of “Sell”.

Local Bounti Company Profile

Local Bounti Corporation (NYSE: LOCL) was a controlled-environment agriculture company focused on growing fresh produce indoors. The company used hydroponic and vertical-farming methods, including its proprietary Stack & Flow Technology, to cultivate crops in climate-controlled facilities throughout the year.

Its product portfolio primarily included leafy greens, lettuce and fresh herbs marketed under the Local Bounti brand. The company supplied produce to grocery retailers, foodservice distributors and other commercial customers, emphasizing locally grown products with consistent availability and quality.

Founded in 2018 and headquartered in Hamilton, Montana, Local Bounti developed and operated indoor growing facilities serving customers in multiple U.S.