Insider Selling: 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 company’s stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $1.06, for a total transaction of $125,843.20. Following the completion of the transaction, the chief executive officer owned 1,406,140 shares of the company’s stock, valued at $1,490,508.40. This represents a 7.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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

LOCL opened at $1.07 on Friday. The business’s 50-day simple moving average is $1.09 and its 200-day simple moving average is $1.37. Local Bounti Corporation has a one year low of $0.95 and a one year high of $4.00. The stock has a market capitalization of $25.13 million, a P/E ratio of -0.39 and a beta of 2.81.

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

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded Local Bounti from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Local Bounti has an average rating of “Sell”.

About Local Bounti

Local Bounti Corporation (NYSE: LOCL) is an indoor agriculture company focused on growing fresh leafy greens and herbs in controlled-environment facilities. The company uses its proprietary Stack & Flow technology, which combines vertical farming and greenhouse cultivation methods to produce crops throughout the year while managing growing conditions such as light, temperature, water and nutrients.

Its product portfolio has included living lettuce, salad greens and culinary herbs such as basil and cilantro.