Local Bounti Corporation (NYSE:LOCL), currently valued at $17.31 million in market capitalization, has reported that Kathleen Valiasek, the company's President and Chief Financial Officer, has purchased shares of the company's common stock. According to the recent SEC filing, Valiasek acquired 2,100 shares on December 16, 2024, at a weighted average price of $1.9369 per share. InvestingPro data shows the stock has surged over 64% in the past week, making this insider purchase particularly noteworthy. The transaction, executed in multiple trades at prices ranging from $1.7318 to $2.1984, amounted to a total value of $4,067.
Following this transaction, Valiasek's total direct ownership in the company stands at 443,905 shares. This move comes as part of her ongoing involvement in the company's financial and strategic initiatives. Investors will be watching closely to see how this purchase aligns with Local Bounti's future performance and Valiasek's continued role in shaping the company's direction.
In other recent news, Local Bounti Corporation has secured a supply agreement with a major multinational retailer, further expanding its commercial presence. This deal involves 13 distribution centers and will be fulfilled from the company's facilities in California and Texas. The company has also reported a robust revenue growth of 27.83% over the past year. Despite this, the company anticipates achieving positive adjusted EBITDA by the second quarter of 2025 due to a strategic shift towards high-value specialty products.
In addition to this, Local Bounti has reported a 50% increase in sales year-over-year, reaching $10.2 million, during its third-quarter earnings call. The company has also completed the transition of the Montana facility to commercial production, contributing to improved operational efficiency. Furthermore, the company has 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 also engaged in ongoing discussions with potential capital partners to secure financing after solidifying customer needs and facility designs. These are among the recent developments that Local Bounti is navigating during this period of strategic transition.
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