Loop Industries (NASDAQ:LOOP) Posts Earnings Results, Hits Estimates

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

Loop Industries Stock Up 8.8%

Shares of LOOP stock traded up $0.03 on Thursday, reaching $0.37. The company’s stock had a trading volume of 237,414 shares, compared to its average volume of 565,162. The company has a market capitalization of $18.01 million, a P/E 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. The stock’s 50 day simple moving average is $0.51 and its 200-day simple moving average is $0.91.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Loop Industries news, Director Jeffrey Richart Geygan purchased 62,895 shares of the stock in a transaction on Thursday, July 30th. The shares were purchased at an average price 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. The trade was 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. In the last 90 days, insiders bought 123,495 shares of company stock valued at $89,322. 49.70% of the stock is owned by corporate insiders.

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.