Loop Media, Inc. (NYSE: LPTV) experienced a dramatic trading day on Friday. The stock plummeted over 36% during regular trading, falling from $0.17 to $0.10. However, after the closing bell, Loop Media saw a significant recovery, surging 63% in afterhours trading.
Turbulent Loop Trading and Recovery
The heavy turbulence in LPTV stock is linked to the announcement of a strategic partnership with Outpatient Imaging Affiliates (OIA). This partnership aims to enhance the patient experience in imaging centers nationwide. Normally, Loop Media trades around 700,000 shares daily, but Friday’s volume skyrocketed to over 14 million shares, indicating substantial market interest and speculation.
Partnership with Outpatient Imaging Affiliates
The newly announced partnership with OIA is expected to expand Loop Media’s presence in medical-related venues. OIA is a prominent developer and operator of outpatient imaging centers, collaborating with major health systems like MedStar Health, Vanderbilt Health, and Jefferson Health. OIA operates 62 hospitals and clinics, serving over 10 million patients annually.
Under this partnership, LPTV will provide streaming content and digital signage for OIA’s imaging center waiting rooms. This initiative aims to enhance the patient experience by offering engaging content and improving communication through digital signage. Devon Bloom, COO of OIA, expressed excitement about the partnership, highlighting the potential to create a more informative and enjoyable environment for patients. Tara Kolakowski, Head of Enterprise Business Development for LPTV, echoed this enthusiasm, noting that the collaboration would improve patient visits and make employees’ jobs easier.
Conclusion
Despite the stock’s sharp decline during regular trading, LPTV’s afterhours recovery demonstrates investor optimism fueled by the strategic partnership with OIA. While there are unsubstantiated rumors about a potential offering circulating on social media, the company’s recent moves indicate a focus on growth and enhancing service offerings. Investors will be closely watching how this partnership impacts Loop Media’s performance in the coming months.
