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

Loop Industries (NASDAQ:LOOP) issued its quarterly earnings results on Thursday. The financial services provider reported ($0.06) earnings per share (EPS) 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 analyst estimates of $0.31 million.

Loop Industries Trading Down 11.3%

NASDAQ:LOOP traded down $0.04 on Friday, hitting $0.33. 285,951 shares of the stock were exchanged, compared to its average volume of 139,224. The stock has a fifty day moving average of $0.50 and a 200-day moving average of $0.90. The stock has a market cap of $15.97 million, a PE ratio of -1.32 and a beta of 1.65. Loop Industries has a fifty-two week low of $0.30 and a fifty-two week high of $1.86.

Analyst Ratings Changes

Separately, Zacks Research raised shares of Loop Industries from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 15th. One equities research analyst has rated the stock with a Hold rating. Based on data from MarketBeat.com, the company 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 Loop Industries stock in a transaction dated Thursday, July 30th. The shares were acquired at an average cost of $0.75 per share, with a total value of $47,171.25. Following the purchase, the director directly owned 3,301,474 shares of the company’s stock, valued at approximately $2,476,105.50. This trade represents a 1.94% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders bought 123,495 shares of company stock valued at $89,322. Insiders own 49.70% of the company’s stock.

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.