Loop Industries (NASDAQ:LOOP) Stock Price Crosses Above 200-Day Moving Average of $2.98

Shares of Loop Industries, Inc. (NASDAQ:LOOP) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $2.98 and traded as high as $3.51. Loop Industries shares last traded at $3.51, with a volume of 47,337 shares.

Wall Street Analysts Forecast Growth

Separately, Raymond James reduced their price objective on shares of Loop Industries from $8.00 to $7.50 and set an “outperform” rating for the company in a research report on Friday, July 14th.

Loop Industries Price Performance

The company has a current ratio of 6.18, a quick ratio of 6.01 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $166.80 million, a P/E ratio of -15.95 and a beta of 1.52. The company has a 50 day moving average of $3.00 and a 200-day moving average of $2.98.

Loop Industries (NASDAQ:LOOP) last released its quarterly earnings results on Wednesday, July 12th. The financial services provider reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.04). Loop Industries had a negative return on equity of 68.55% and a negative net margin of 5,137.50%. The business had revenue of $0.03 million for the quarter. On average, sell-side analysts predict that Loop Industries, Inc. will post -0.36 EPS for the current year.

Institutional Investors Weigh In On Loop Industries

A number of large investors have recently added to or reduced their stakes in LOOP. Royal Bank of Canada lifted its position in shares of Loop Industries by 44.7% during the 1st quarter. Royal Bank of Canada now owns 6,945 shares of the financial services provider’s stock valued at $62,000 after acquiring an additional 2,145 shares during the period. Squarepoint Ops LLC bought a new position in Loop Industries in the 1st quarter valued at about $35,000. Renaissance Technologies LLC bought a new position in Loop Industries in the 2nd quarter valued at about $35,000. Dimensional Fund Advisors LP acquired a new stake in shares of Loop Industries during the 1st quarter worth approximately $107,000. Finally, Hexagon Capital Partners LLC boosted its position in shares of Loop Industries by 477.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 12,700 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 10,500 shares in the last quarter. Institutional investors and hedge funds own 4.84% of the company’s stock.

About Loop Industries

Loop Industries, Inc, a technology company, focuses on depolymerizing waste polyethylene terephthalate PET plastics and polyester fibers, including plastic bottles, packaging, carpets and textiles of any color, transparency and even ocean plastics that have been degraded by the sun and salt, to its base building blocks.