Loop Industries, Inc. (NASDAQ:LOOP) Sees Large Growth in Short Interest

Loop Industries, Inc. (NASDAQ:LOOP) saw a large growth in short interest in 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. Currently, 3.5% of the shares of the company are sold short. Based on an average daily volume of 8,445,866 shares, the short-interest ratio is currently 0.1 days.

Loop Industries Stock Performance

Shares of LOOP opened at $0.53 on Friday. The company has a market capitalization of $25.81 million, a P/E ratio of -2.05 and a beta of 1.46. The business’s 50-day moving average is $0.65 and its two-hundred day moving average is $1.03. Loop Industries has a fifty-two week low of $0.41 and a fifty-two week high of $1.99.

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

Insiders Place Their Bets

In related news, Director Jeffrey Richart Geygan acquired 62,895 shares of the stock in a transaction dated Thursday, July 30th. The stock was acquired at an average cost of $0.75 per share, for a total transaction of $47,171.25. Following the completion of the purchase, the director owned 3,301,474 shares of the company’s stock, valued at approximately $2,476,105.50. This represents a 1.94% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders have purchased 123,495 shares of company stock worth $89,322. 49.70% of the stock is currently owned by insiders.

Institutional Trading of Loop Industries

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Fifth Third Bancorp acquired a new position in shares of Loop Industries during the 1st quarter worth approximately $215,000. Susquehanna International Group LLP purchased a new stake in Loop Industries in the 2nd quarter worth $68,000. CacheTech Inc. increased its holdings in Loop Industries by 38.8% in the 1st quarter. CacheTech Inc. now owns 36,870 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 10,310 shares in the last quarter. Finally, 4WEALTH Advisors Inc. purchased a new stake in Loop Industries in the 1st quarter worth $38,000. 4.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Zacks Research upgraded Loop Industries from a “strong sell” rating to a “hold” rating in a research note on Tuesday. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold”.

Loop Industries Company Profile

Loop Industries, Inc (NASDAQ:LOOP) develops technology designed to address plastic waste by transforming discarded polyethylene terephthalate (PET) and polyester fiber into reusable raw materials. The company’s technology uses a chemical depolymerization process to break PET waste into its basic building blocks, which can then be used to produce new PET plastic and polyester products.

Loop’s process is intended to handle forms of PET waste that can be difficult to recycle mechanically, including colored, opaque, and contaminated materials.