JOLTS Job Openings (Jun) 7.44M vs 7.5M Expected
Hart Spencer, a director at Loop Industries, Inc. (NASDAQ:LOOP), recently made significant purchases of the company’s common stock, according to a filing with the Securities and Exchange Commission. Over the course of three days, Spencer acquired a total of 149,446 shares, amounting to approximately $188,157. The timing appears noteworthy, as InvestingPro data shows the stock has gained nearly 17% over the past week, though it remains down about 56% over the past year.
The transactions were executed at prices ranging from $1.21 to $1.29 per share. Specifically, on February 18, Spencer purchased 21,245 shares, followed by 73,201 shares on February 19, and concluded with 55,000 shares on February 20. These acquisitions have increased Spencer’s direct ownership to 180,216 shares of Loop Industries. According to InvestingPro data, analysts have set price targets ranging from $3.00 to $5.80 for the stock, which currently has a market capitalization of $60 million.
Loop Industries, based in Terrebonne, Quebec, is involved in the chemicals and allied products sector, focusing on industrial applications and services. InvestingPro analysis reveals 8 additional key insights about the company’s financial health and market position, available to subscribers along with comprehensive research reports.
In other recent news, Loop Industries reported its fourth-quarter 2024 earnings, revealing a significant shortfall in expected earnings per share (EPS). The company posted an EPS of -$0.25, which was well below the forecasted -$0.0813. However, Loop Industries exceeded revenue expectations, reporting $52 million, surpassing the anticipated $42.67 million. The company is focusing on expanding its operations in India and exploring potential global licensing opportunities. Additionally, Loop Industries announced the appointment of Mr. Spencer Hart to its board of directors, bringing extensive experience in capital markets and mergers and acquisitions. The company confirmed Mr. Hart’s compensation aligns with its established director compensation policy. Furthermore, Loop Industries is progressing on its project in India, with plans to break ground in early 2025. The company has secured a significant amount of feedstock for its Indian facility, emphasizing its commitment to innovative recycling technologies.
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