B. Riley Trims Price Target on Loop Media to $1 From $1.50, Maintains Buy Rating

Loop Media just reported results for the third quarter of 2024.

• Loop Media reported earnings per share of -7 cents. This was above the analyst estimate for EPS of -8 cents.
• The company reported revenue of $4.35 million.
• This was 5.62% worse than the analyst estimate for revenue of $4.61 million.

InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at editor@investorplace.com.

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Loop Media came out with a quarterly loss of $0.07 per share versus the Zacks Consensus Estimate of a loss of $0.09. This compares to loss of $0.15 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 22.22%. A quarter ago, it was expected that this multichannel streaming platform would post a loss of $0.10 per share when it actually produced a loss of $0.11, delivering a surprise of -10%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Loop Media, which belongs to the Zacks Broadcast Radio and Television industry, posted revenues of $4.35 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 2.55%. This compares to year-ago revenues of $5.74 million. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Loop Media shares have lost about 88.5% since the beginning of the year versus the S&P 500's gain of 9.9%.

What's Next for Loop Media?

While Loop Media has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Loop Media: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.06 on $8.21 million in revenues for the coming quarter and -$0.35 on $26.84 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Broadcast Radio and Television is currently in the bottom 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, E.W. Scripps , has yet to report results for the quarter ended June 2024. The results are expected to be released on August 8.

This television and radio company is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of +122.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

E.W. Scripps' revenues are expected to be $586.65 million, up 0.7% from the year-ago quarter.

Zacks Investment Research

Pre-market stock movers are a hot topic as we jump into all of the biggest news that has shares heading higher and lower on Tuesday morning!

Moving stocks this morning are earnings reports, clinical trial results and more.

Let’s get into that news below!

Biggest Pre-Market Stock Movers: 10 Top Gainers

• Imunon stock is rocketing more than 133% alongside Phase 2 clinical trial results.
• Jet AI shares are soaring over 57% despite a lack of news this morning.
• Enveric Biosciences stock is surging more than 32% with strong early morning trading.
• Inspirato shares are rising close to 26% without any clear news this morning.
• Pharming stock is heading over 21% higher ahead of its upcoming earnings report.
• Sprouts Farmers Market shares are increasing more than 17% after releasing its Q2 earnings.
• Harmonic stock is climbing over 17% with its Q2 earnings report.
• Davis Commodities shares are gaining more than 15% on Tuesday morning.
• T2 Biosystems stock is getting an over 14% boost with its latest earnings report.
• Serve Robotics shares are up more than 14% after announcing investor meeting plans.

10 Top Losers

• QXO Q stock is crashing over 80% after announcing a private placement.
• BIMI shares are plummeting more than 23% on Tuesday morning.
• Ekso Bionics stock is diving over 22% alongside its Q2 earnings results.
• Symbotic shares are tumbling more than 18% after reporting a Q3 loss.
• Lattice Semiconductor stock is taking an almost 18% beating with its latest earnings report.
• Lipella Pharmaceuticals shares are falling over 17% after a rally yesterday.
• Cognition Therapeutics stock is dropping more than 16% as it continues downward movement on study results.
• NLS Pharmaceutics shares are sliding over 14% following a merger rally yesterday.
• Troops stock is decreasing more than 13% today.
• Loop Media shares close out our pre-market stock movers down over 12% after jumping yesterday on a new partnership.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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