Local Bounti shares surge 11.84% intraday as insider buying boosts market value by $9.8M.

Local Bounti (NYSE:LOCL) surged 11.84% intraday following renewed insider confidence and a significant market value increase. Over the past year, insiders purchased $3.6 million in shares, with lead independent director Charles Schwab acquiring $3.4 million at $2.00 each—well below the current price of $2.74—while insider ownership remains substantial at 79%. The company’s market value rose $9.8 million amid a 19% stock gain, reflecting optimism about long-term alignment between management and shareholders. Despite minimal recent insider buying in the last three months, the overall trend of net purchases and high insider ownership suggests confidence in Local Bounti’s strategic direction, fueling the intraday rally.