Loop Industries, Inc. (NASDAQ:LOOP) Short Interest Up 76.4% in August

Loop Industries, Inc. (NASDAQ:LOOP) was the target of a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 844,232 shares, an increase of 76.4% from the August 15th total of 478,717 shares. Based on an average daily volume of 8,445,866 shares, the short-interest ratio is currently 0.1 days. Approximately 3.5% of the shares of the company are short sold.

Loop Industries Stock Performance

LOOP stock traded up $0.01 during midday trading on Wednesday, reaching $0.48. 123,336 shares of the company’s stock traded hands, compared to its average volume of 613,442. The company has a 50-day moving average price of $0.66 and a two-hundred day moving average price of $1.04. Loop Industries has a 52 week low of $0.41 and a 52 week high of $1.99. The firm has a market capitalization of $23.44 million, a PE ratio of -1.86 and a beta of 1.46.

Loop Industries (NASDAQ:LOOP) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. As a group, analysts predict that Loop Industries will post -0.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Zacks Research cut Loop Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Sell”.

Insiders Place Their Bets

In other news, Director Jeffrey Richart Geygan bought 62,895 shares of the firm’s stock in a transaction on Thursday, July 30th. The stock was acquired at an average cost of $0.75 per share, with a total value of $47,171.25. Following the completion of the transaction, the director directly owned 3,301,474 shares of the company’s stock, valued at $2,476,105.50. This represents a 1.94% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders acquired 123,495 shares of company stock worth $89,322 over the last three months. 49.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Loop Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp bought a new position in shares of Loop Industries in the first quarter valued at approximately $215,000. Susquehanna International Group LLP bought a new stake in Loop Industries during the 2nd quarter worth approximately $68,000. CacheTech Inc. lifted its stake 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 purchasing an additional 10,310 shares in the last quarter. Finally, 4WEALTH Advisors Inc. bought a new position in Loop Industries in the 1st quarter valued at $38,000. 4.89% of the stock is currently owned by institutional investors.

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.