Loop Industries, Inc. (NASDAQ:LOOP) Sees Significant Increase in Short Interest

Loop Industries, Inc. (NASDAQ:LOOP) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 844,232 shares, a growth of 76.4% from the August 15th total of 478,717 shares. Based on an average trading volume of 8,445,866 shares, the short-interest ratio is presently 0.1 days. Approximately 3.5% of the shares of the stock are short sold.

Analyst Ratings Changes

Separately, Zacks Research upgraded shares of Loop Industries from a “strong sell” rating to a “hold” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Loop Industries presently has an average rating of “Hold”.

Loop Industries Stock Up 10.1%

LOOP traded up $0.05 during trading on Thursday, hitting $0.53. The company’s stock had a trading volume of 535,923 shares, compared to its average volume of 612,989. The firm’s 50 day moving average price is $0.65 and its two-hundred day moving average price is $1.03. Loop Industries has a 12 month low of $0.41 and a 12 month high of $1.99. The stock has a market capitalization of $25.81 million, a price-to-earnings ratio of -2.05 and a beta of 1.46.

Loop Industries (NASDAQ:LOOP) last announced its earnings results on Tuesday, July 14th. The financial services provider reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The firm had revenue of $0.18 million during the quarter, compared to the consensus estimate of $0.54 million. On average, sell-side analysts forecast that Loop Industries will post -0.22 earnings per share for the current year.

Insider Transactions at Loop Industries

In related news, Director Jeffrey Richart Geygan acquired 62,895 shares of the business’s stock in a transaction on Thursday, July 30th. The stock was bought at an average cost of $0.75 per share, with a total value of $47,171.25. Following the completion of the acquisition, the director owned 3,301,474 shares in the company, valued at $2,476,105.50. The trade was a 1.94% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders acquired 123,495 shares of company stock worth $89,322 in the last three months. Corporate insiders own 49.70% of the company’s stock.

Hedge Funds Weigh In On Loop Industries

A number of institutional investors have recently modified their holdings of the stock. Susquehanna International Group LLP bought a new stake in shares of Loop Industries during the second quarter valued at approximately $68,000. Fifth Third Bancorp acquired a new position in Loop Industries during the 1st quarter worth $215,000. CacheTech Inc. boosted its position in Loop Industries by 38.8% in the 1st quarter. CacheTech Inc. now owns 36,870 shares of the financial services provider’s stock valued at $53,000 after buying an additional 10,310 shares during the last quarter. Finally, 4WEALTH Advisors Inc. bought a new stake in Loop Industries in the first quarter valued at about $38,000. 4.89% of the stock is owned by institutional investors.

Loop Industries Company Profile

Loop Industries (NASDAQ:LOOP) is a technology innovator in the sustainable plastics sector. The company has developed a proprietary depolymerization process that breaks down end-of-life polyethylene terephthalate (PET) plastic and polyester fiber into their base molecules. These purified monomers are then repolymerized into virgin-quality PET resin suitable for new packaging applications, creating a closed-loop recycling solution that addresses global plastic waste challenges.

With its headquarters in Terrebonne, Quebec, Loop Industries operates pilot and demonstration facilities to validate and refine its technology.