Loop Media (NYSEAMERICAN:LPTV) Trading Down 6.6%

Loop Media, Inc. (NYSEAMERICAN:LPTV)’s share price traded down 6.6% during mid-day trading on Thursday . The stock traded as low as $0.29 and last traded at $0.32. 220,861 shares changed hands during trading, an increase of 38% from the average session volume of 160,291 shares. The stock had previously closed at $0.34.

Wall Street Analysts Forecast Growth

Separately, B. Riley lowered their target price on Loop Media from $2.50 to $1.50 and set a “buy” rating on the stock in a report on Wednesday, March 20th.

Loop Media Stock Performance

The company has a market cap of $22.67 million, a price-to-earnings ratio of -0.59 and a beta of 1.85.

Loop Media (NYSEAMERICAN:LPTV) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.03. The firm had revenue of $10.17 million for the quarter, compared to analysts’ expectations of $9.54 million. As a group, research analysts anticipate that Loop Media, Inc. will post -0.34 earnings per share for the current year.

Hedge Funds Weigh In On Loop Media

An institutional investor recently raised its position in Loop Media stock. Thoroughbred Financial Services LLC grew its stake in shares of Loop Media, Inc. (NYSEAMERICAN:LPTV) by 40.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 70,000 shares of the company’s stock after buying an additional 20,000 shares during the period. Thoroughbred Financial Services LLC owned 0.12% of Loop Media worth $70,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 37.79% of the company’s stock.

About Loop Media

Loop Media, Inc operates as a multichannel digital video platform media company in the United States. The company offers hand-curated music video content licensed from major and independent record labels, including Universal Music Group, Sony Music Entertainment, and Warner Music Group; and non-music video content, which is licensed or acquired from third parties, such as action sports clips, drone and atmospheric footage, trivia, news headlines, lifestyle channels, and kid-friendly videos, as well as movie, television and video game trailers, and other content.