Short Interest in Loop Industries Inc (NASDAQ:LOOP) Decreases By 8.0%

Loop Industries Inc (NASDAQ:LOOP) saw a large decrease in short interest in July. As of July 31st, there was short interest totalling 1,501,700 shares, a decrease of 8.0% from the June 30th total of 1,632,000 shares. Based on an average daily trading volume, of 83,700 shares, the days-to-cover ratio is currently 17.9 days. Currently, 11.2% of the company’s shares are sold short.

In other Loop Industries news, Director Sidney Mortimer Horn sold 5,000 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $12.00, for a total value of $60,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 55.14% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB purchased a new position in shares of Loop Industries during the 1st quarter worth $158,000. Creative Planning grew its holdings in shares of Loop Industries by 4.2% during the 1st quarter. Creative Planning now owns 867,570 shares of the financial services provider’s stock worth $6,871,000 after purchasing an additional 35,000 shares during the period. Geode Capital Management LLC purchased a new position in shares of Loop Industries during the 4th quarter worth $346,000. Bank of Montreal Can grew its holdings in shares of Loop Industries by 13.8% during the 1st quarter. Bank of Montreal Can now owns 28,785 shares of the financial services provider’s stock worth $228,000 after purchasing an additional 3,500 shares during the period. Finally, Northern Trust Corp purchased a new position in shares of Loop Industries during the 4th quarter worth $105,000. Institutional investors and hedge funds own 5.26% of the company’s stock.

Shares of NASDAQ LOOP traded down $0.10 during mid-day trading on Thursday, reaching $13.00. 53,700 shares of the company’s stock were exchanged, compared to its average volume of 68,014. The firm has a market capitalization of $511.03 million, a price-to-earnings ratio of -33.33 and a beta of 0.64. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.16 and a current ratio of 1.16. Loop Industries has a 52-week low of $5.69 and a 52-week high of $14.45. The company’s 50-day moving average is $12.27 and its 200-day moving average is $9.51.

Several brokerages have issued reports on LOOP. HC Wainwright restated a “buy” rating and issued a $12.00 target price on shares of Loop Industries in a report on Friday, July 12th. Zacks Investment Research upgraded Loop Industries from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a report on Wednesday, July 17th. Finally, ValuEngine upgraded Loop Industries from a “hold” rating to a “buy” rating in a report on Saturday, June 22nd.

About Loop Industries

Loop Industries, Inc focuses on depolymerizing waste polyethylene terephthalate (PET) plastics and polyester fibers into base building blocks. It re-polymerized monomers into virgin-quality PET plastic for use in food-grade plastic packaging, such as water and soda bottles, as well as polyester fibers for textile applications.

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