Loop Industries (NASDAQ:LOOP) Announces Earnings Results

Loop Industries (NASDAQ:LOOP) posted its earnings results on Thursday. The financial services provider reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06), FiscalAI reports. The company had revenue of $0.12 million for the quarter, compared to analysts’ expectations of $0.31 million.

Loop Industries Stock Up 8.8%

NASDAQ:LOOP traded up $0.03 during mid-day trading on Thursday, hitting $0.37. 232,405 shares of the stock traded hands, compared to its average volume of 565,162. The business’s 50-day moving average price is $0.51 and its 200 day moving average price is $0.91. The company has a market cap of $18.01 million, a PE ratio of -1.43 and a beta of 1.65. Loop Industries has a 12-month low of $0.33 and a 12-month high of $1.86.

Insider Transactions at Loop Industries

In other news, Director Jeffrey Richart Geygan purchased 62,895 shares of the business’s stock in a transaction on Thursday, July 30th. The stock was purchased at an average cost of $0.75 per share, with a total value of $47,171.25. Following the acquisition, the director directly owned 3,301,474 shares in the company, valued at approximately $2,476,105.50. This trade represents a 1.94% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have purchased 123,495 shares of company stock valued at $89,322. Corporate insiders own 49.70% of the company’s stock.

Analyst Ratings Changes

Separately, Zacks Research raised 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. According to data from MarketBeat.com, the company currently has an average rating of “Hold”.

About Loop Industries

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.