One of the major owners at Local Bounti (NYSE:LOCL) engaged in a huge insider buy transaction yesterday. Charles Schwab bought 3,000,000 shares of LOCL stock at an average price of $2.50 per share, worth $7.5 million. Shares of the company are trending over 15% higher in the early trading hours today.
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Based in the U.S., Local Bounti Corporation grows and sells fresh greens and herbs, and other products to food retailers and food service distributors in the U.S.
With the recent Buys, Charles Schwab now owns 15.74% (14.83 million shares) of the total LOCL shares outstanding, with a value of $37.8 million.
Notably, other insiders purchased LOCL shares worth $100,000 yesterday, including major owner and Co- CEO, Travis M Joyner, and CFO Kathleen Valiasek among others.
Overall, TipRanks’ Insider Trading Tool shows Insiders at LOCL are Neutral about the stock’s near-term prospects and have bought LOCL stock worth $7.4 million in the last three months.
Interestingly, TipRanks also provides a list of hot stocks that boasts either a Very Positive or Positive insider confidence signal.
Is LOCL a Buy?
As per TipRanks, the Wall Street community is clearly optimistic about Local Bounti. Overall, the stock commands a Strong Buy consensus rating based on four Buys and one Hold. Local Bounti stock’s average price target of $10.20 implies 270.19% upside potential from current levels.
Interestingly, it’s not just corporate Insiders that are bullish on the stock. TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Local Bounti, with a 17.7% of investors on TipRanks increasing their exposure to LOCL stock over the past 30 days.
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