Kathleen Valiasek Sells 118,720 Shares of Local Bounti (NYSE:LOCL) Stock

Local Bounti Corporation (NYSE:LOCL) CEO Kathleen Valiasek sold 118,720 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $1.30, for a total value of $154,336.00. Following the completion of the transaction, the chief executive officer directly owned 1,524,860 shares of the company’s stock, valued at $1,982,318. The trade was a 7.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Local Bounti Stock Performance

Local Bounti stock opened at $1.27 on Friday. The firm has a market cap of $28.96 million, a PE ratio of -0.34 and a beta of 2.71. Local Bounti Corporation has a 12 month low of $0.98 and a 12 month high of $4.00. The stock’s 50 day simple moving average is $1.65 and its two-hundred day simple moving average is $1.74.

Local Bounti (NYSE:LOCL) last posted its earnings results on Wednesday, May 13th. The company reported ($0.53) earnings per share for the quarter, meeting the consensus estimate of ($0.53). The firm had revenue of $13.34 million for the quarter, compared to analysts’ expectations of $19.00 million.

Hedge Funds Weigh In On Local Bounti

A number of large investors have recently added to or reduced their stakes in the stock. Outfitters Financial LLC grew its position in shares of Local Bounti by 99.4% in the fourth quarter. Outfitters Financial LLC now owns 30,291 shares of the company’s stock valued at $65,000 after purchasing an additional 15,099 shares during the period. Schwarz Dygos Wheeler Investment Advisors LLC acquired a new position in shares of Local Bounti during the 4th quarter worth about $121,000. Walleye Capital LLC purchased a new position in Local Bounti in the 4th quarter valued at about $691,000. Finally, Walleye Trading LLC purchased a new position in Local Bounti in the 4th quarter valued at about $50,000. 28.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded shares of Local Bounti from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 18th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has an average rating of “Sell”.

Local Bounti Company Profile

Local Bounti Inc is a technology-driven indoor farming company that cultivates non-GMO leafy greens, microgreens and culinary herbs in controlled environment agriculture (CEA) facilities. By leveraging its proprietary Hybrid Growing System, the company maintains precise control over lighting, temperature and nutrient delivery, enabling year-round production of high-quality produce free from pesticides and seasonality constraints.

Headquartered in Montana, Local Bounti operates multiple cultivation centers across the United States, each designed to maximize water efficiency and minimize land use.