Loop Industries (NASDAQ:LOOP) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Loop Industries, Inc. (NASDAQ:LOOP) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.34 and traded as high as $1.3565. Loop Industries shares last traded at $1.35, with a volume of 115,823 shares.

Loop Industries Price Performance

The firm has a fifty day moving average of $1.26 and a 200 day moving average of $1.34. The stock has a market capitalization of $65.26 million, a price-to-earnings ratio of -22.50 and a beta of 1.68.

Loop Industries (NASDAQ:LOOP) last announced its quarterly earnings results on Wednesday, January 14th. The financial services provider reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $0.09 million during the quarter, compared to analyst estimates of $0.78 million. Research analysts predict that Loop Industries, Inc. will post -0.47 EPS for the current year.

Hedge Funds Weigh In On Loop Industries

Several large investors have recently made changes to their positions in LOOP. Salvus Wealth Management LLC purchased a new stake in Loop Industries during the third quarter worth $29,000. XTX Topco Ltd purchased a new position in Loop Industries in the fourth quarter valued at $32,000. Citadel Advisors LLC raised its position in shares of Loop Industries by 564.3% in the third quarter. Citadel Advisors LLC now owns 44,536 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 54,129 shares during the period. Corient Private Wealth LLC acquired a new position in shares of Loop Industries in the second quarter worth about $346,000. Finally, Osaic Holdings Inc. boosted its stake in shares of Loop Industries by 17,220.7% during the 2nd quarter. Osaic Holdings Inc. now owns 168,011 shares of the financial services provider’s stock worth $239,000 after acquiring an additional 167,041 shares in the last quarter. 4.89% of the stock is currently owned by institutional investors and hedge funds.

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.