Loop Industries (NASDAQ:LOOP) Announces Quarterly Earnings Results

Loop Industries (NASDAQ:LOOP) released its quarterly earnings results on Wednesday. The financial services provider reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01, Zacks reports.

Loop Industries Stock Performance

Shares of LOOP stock traded up $0.04 during midday trading on Wednesday, reaching $1.17. 68,599 shares of the company were exchanged, compared to its average volume of 57,119. The company’s 50 day moving average price is $1.10 and its two-hundred day moving average price is $1.40. Loop Industries has a 12 month low of $0.85 and a 12 month high of $2.29. The company has a market cap of $56.21 million, a P/E ratio of -4.68 and a beta of 1.61.

Hedge Funds Weigh In On Loop Industries

Several hedge funds have recently made changes to their positions in the business. Jane Street Group LLC acquired a new stake in Loop Industries in the 2nd quarter valued at approximately $39,000. Susquehanna International Group LLP acquired a new stake in Loop Industries in the 3rd quarter worth $49,000. Citadel Advisors LLC increased its holdings in shares of Loop Industries by 564.3% during the 3rd quarter. Citadel Advisors LLC now owns 44,536 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 54,129 shares during the period. Osaic Holdings Inc. raised its position in shares of 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 valued at $239,000 after buying an additional 167,041 shares during the last quarter. Finally, Corient Private Wealth LLC bought a new stake in shares of Loop Industries in the second quarter valued at about $346,000. Institutional investors and hedge funds own 4.89% of the company’s stock.

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.