Loop Industries Inc (NASDAQ:LOOP) was the target of a large drop in short interest in July. As of July 31st, there was short interest totalling 1,501,700 shares, a drop of 8.0% from the June 30th total of 1,632,000 shares. Currently, 11.2% of the shares of the stock are short sold. Based on an average daily volume of 83,700 shares, the days-to-cover ratio is presently 17.9 days.
NASDAQ:LOOP traded up $0.26 during mid-day trading on Friday, hitting $13.26. 26,200 shares of the company’s stock traded hands, compared to its average volume of 67,749. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.16 and a current ratio of 1.16. The firm’s 50 day simple moving average is $12.33 and its 200 day simple moving average is $9.53. Loop Industries has a 1 year low of $5.69 and a 1 year high of $14.45. The company has a market cap of $506.77 million, a PE ratio of -34.00 and a beta of 0.64.
Several equities analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Loop Industries from a “hold” rating to a “buy” rating and set a $14.00 target price for the company in a report on Wednesday, July 17th. HC Wainwright restated a “buy” rating and set a $12.00 target price on shares of Loop Industries in a report on Friday, July 12th. Finally, ValuEngine upgraded shares of Loop Industries from a “hold” rating to a “buy” rating in a report on Saturday, June 22nd.
In other news, Director Sidney Mortimer Horn sold 5,000 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $12.00, for a total value of $60,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 55.14% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. Handelsbanken Fonder AB boosted its stake in shares of Loop Industries by 633.1% during the 2nd quarter. Handelsbanken Fonder AB now owns 146,625 shares of the financial services provider’s stock worth $1,450,000 after purchasing an additional 126,625 shares during the last quarter. Scotia Capital Inc. boosted its position in shares of Loop Industries by 39.8% in the second quarter. Scotia Capital Inc. now owns 164,299 shares of the financial services provider’s stock worth $1,625,000 after acquiring an additional 46,784 shares during the last quarter. Geode Capital Management LLC acquired a new stake in shares of Loop Industries in the fourth quarter worth approximately $346,000. Creative Planning boosted its position in shares of Loop Industries by 4.2% in the first quarter. Creative Planning now owns 867,570 shares of the financial services provider’s stock worth $6,871,000 after acquiring an additional 35,000 shares during the last quarter. Finally, Handelsinvest Investeringsforvaltning boosted its position in shares of Loop Industries by 200.0% in the second quarter. Handelsinvest Investeringsforvaltning now owns 30,000 shares of the financial services provider’s stock worth $297,000 after acquiring an additional 20,000 shares during the last quarter. Hedge funds and other institutional investors own 5.26% of the company’s stock.
Loop Industries Company Profile
Loop Industries, Inc focuses on depolymerizing waste polyethylene terephthalate (PET) plastics and polyester fibers into base building blocks. It re-polymerized monomers into virgin-quality PET plastic for use in food-grade plastic packaging, such as water and soda bottles, as well as polyester fibers for textile applications.
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