Loop Industries (NASDAQ:LOOP) Issues Earnings Results

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

Loop Industries Stock Up 8.8%

Shares of Loop Industries stock traded up $0.03 during trading on Thursday, hitting $0.37. 232,405 shares of the stock traded hands, compared to its average volume of 565,162. The stock has a market cap of $18.01 million, a price-to-earnings ratio of -1.43 and a beta of 1.65. The firm’s fifty day moving average is $0.51 and its 200-day moving average is $0.91. Loop Industries has a 52 week low of $0.33 and a 52 week high of $1.86.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised Loop Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 15th. One investment analyst has rated the stock with a Hold rating. According to data from MarketBeat.com, the stock has an average rating of “Hold”.

Insider Buying and Selling at Loop Industries

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

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.