Loop Industries (NASDAQ:LOOP) Releases Earnings Results, Beats Estimates By $0.01 EPS

Loop Industries (NASDAQ:LOOP) issued its quarterly earnings data on Wednesday. The financial services provider reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01, Zacks reports.

Loop Industries Stock Up 3.5%

LOOP stock traded up $0.04 during midday trading on Wednesday, reaching $1.17. The company’s stock had a trading volume of 68,599 shares, compared to its average volume of 57,119. The business’s 50-day simple moving average is $1.10 and its 200-day simple moving average is $1.40. The stock has a market cap of $56.21 million, a PE ratio of -4.68 and a beta of 1.61. Loop Industries has a 52 week low of $0.85 and a 52 week high of $2.29.

Hedge Funds Weigh In On Loop Industries

Several institutional investors and hedge funds have recently made changes to their positions in LOOP. Jane Street Group LLC bought a new position in shares of Loop Industries during the 2nd quarter valued at about $39,000. Susquehanna International Group LLP bought a new position in Loop Industries during the 3rd quarter worth about $49,000. Citadel Advisors LLC boosted its position in 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 acquiring an additional 54,129 shares during the last quarter. Osaic Holdings Inc. lifted its position in 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 buying an additional 167,041 shares in the last quarter. Finally, Corient Private Wealth LLC acquired a new position in shares of Loop Industries during the 2nd quarter worth 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.