Loop Industries (NASDAQ:LOOP) Stock Price Passes Above 200 Day Moving Average – Here’s What Happened

Loop Industries, Inc. (NASDAQ:LOOP)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.34 and traded as high as $1.80. Loop Industries shares last traded at $1.64, with a volume of 58,254 shares trading hands.

Loop Industries Stock Down 5.2%

The company has a debt-to-equity ratio of 7.56, a current ratio of 2.81 and a quick ratio of 2.79. The stock has a market capitalization of $78.26 million, a P/E ratio of -5.86 and a beta of 1.77. The firm has a 50-day simple moving average of $1.59 and a 200 day simple moving average of $1.34.

Loop Industries (NASDAQ:LOOP) last posted its earnings results on Tuesday, July 15th. The financial services provider reported ($0.07) EPS for the quarter, meeting the consensus estimate of ($0.07). The firm had revenue of $0.25 million during the quarter, compared to the consensus estimate of $0.16 million. Loop Industries had a negative return on equity of 354.97% and a negative net margin of 120.79%. On average, equities research analysts forecast that Loop Industries, Inc. will post -0.47 EPS for the current year.

Insider Activity at Loop Industries

In related news, CEO Daniel Solomita acquired 906,794 shares of the stock in a transaction dated Wednesday, July 23rd. The stock was bought at an average cost of $1.01 per share, for a total transaction of $915,861.94. Following the completion of the transaction, the chief executive officer directly owned 1,415,516 shares of the company’s stock, valued at $1,429,671.16. The trade was a 178.25% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Spencer Hart acquired 41,317 shares of the stock in a transaction dated Thursday, July 24th. The shares were bought at an average price of $1.25 per share, with a total value of $51,646.25. Following the completion of the transaction, the director directly owned 283,687 shares of the company’s stock, valued at $354,608.75. The trade was a 17.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 1,474,794 shares of company stock valued at $1,539,640 over the last ninety days. Insiders own 45.90% of the company’s stock.

Hedge Funds Weigh In On Loop Industries

A number of hedge funds have recently made changes to their positions in LOOP. Millennium Management LLC bought a new position in shares of Loop Industries during the fourth quarter worth about $41,000. Towneley Capital Management Inc DE acquired a new stake in Loop Industries during the first quarter worth approximately $78,000. Jane Street Group LLC acquired a new stake in Loop Industries during the second quarter worth approximately $39,000. Corient Private Wealth LLC acquired a new stake in Loop Industries during the second quarter worth approximately $346,000. Finally, Osaic Holdings Inc. grew its stake in Loop Industries by 17,220.7% during the second quarter. Osaic Holdings Inc. now owns 168,011 shares of the financial services provider’s stock worth $239,000 after purchasing an additional 167,041 shares during the period. 4.89% of the stock is currently owned by institutional investors.

Loop Industries Company Profile

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.