Loop Industries (NASDAQ:LOOP – Get Free Report) posted its earnings results on Thursday. The financial services provider reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06), FiscalAI reports. The business had revenue of $0.12 million during the quarter, compared to analysts’ expectations of $0.31 million.
Loop Industries Stock Up 8.8%
LOOP stock opened at $0.37 on Friday. The firm has a market cap of $18.01 million, a price-to-earnings ratio of -1.43 and a beta of 1.65. Loop Industries has a twelve month low of $0.33 and a twelve month high of $1.86. The business’s fifty day simple moving average is $0.51 and its two-hundred day simple moving average is $0.90.
Insider Activity at Loop Industries
In related news, Director Jeffrey Richart Geygan purchased 62,895 shares of the business’s stock in a transaction dated Thursday, July 30th. The shares were purchased at an average cost of $0.75 per share, for a total transaction of $47,171.25. Following the completion of the acquisition, the director owned 3,301,474 shares in the company, valued at approximately $2,476,105.50. This trade represents a 1.94% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have bought 123,495 shares of company stock valued at $89,322 in the last quarter. Corporate insiders own 49.70% of the company’s stock.
Analyst Ratings Changes
Separately, Zacks Research upgraded Loop Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 15th. One equities research analyst has rated the stock with a Hold rating. Based on data from MarketBeat, the stock currently has an average rating of “Hold”.
Check Out Our Latest Stock Analysis on Loop Industries
Loop Industries Company Profile
Loop Industries, Inc (NASDAQ:LOOP) is a technology company focused on the sustainable recycling of polyethylene terephthalate (PET) plastic and polyester fiber. Its proprietary technology is designed to break down PET waste, including materials that are difficult to recycle through conventional mechanical processes, into its basic chemical components.
The company’s process uses depolymerization to convert PET waste into dimethyl terephthalate (DMT) and monoethylene glycol (MEG). These materials can be used to produce new PET plastic and polyester products that are intended to have quality comparable to those made from virgin materials.
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