Insider Selling: Local Bounti (NYSE:LOCL) CEO Sells $154,336.00 in Stock

Local Bounti Corporation (NYSE:LOCL) CEO Kathleen Valiasek sold 118,720 shares of the stock in a transaction 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 sale, the chief executive officer owned 1,524,860 shares in the company, valued at approximately $1,982,318. This trade represents a 7.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Local Bounti Price Performance

LOCL stock opened at $1.27 on Friday. The company has a fifty day moving average price of $1.65 and a two-hundred day moving average price of $1.74. Local Bounti Corporation has a one year low of $0.98 and a one year high of $4.00. The stock has a market cap of $28.96 million, a price-to-earnings ratio of -0.34 and a beta of 2.71.

Local Bounti (NYSE:LOCL) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.53) EPS for the quarter, meeting the consensus estimate of ($0.53). The company had revenue of $13.34 million during the quarter, compared to analyst estimates of $19.00 million.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of Local Bounti from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Walleye Capital LLC acquired a new stake in shares of Local Bounti in the fourth quarter valued at approximately $691,000. Schwarz Dygos Wheeler Investment Advisors LLC acquired a new stake in Local Bounti during the fourth quarter worth approximately $121,000. Outfitters Financial LLC increased its stake in Local Bounti by 99.4% during the 4th quarter. Outfitters Financial LLC now owns 30,291 shares of the company’s stock worth $65,000 after acquiring an additional 15,099 shares during the period. Finally, Walleye Trading LLC bought a new position in Local Bounti during the 4th quarter worth $50,000. Institutional investors and hedge funds own 28.01% of the company’s stock.

About Local Bounti

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.