Loop Industries (NASDAQ:LOOP) Shares Down 3.1% – Here’s What Happened

Loop Industries, Inc. (NASDAQ:LOOP)’s stock price traded down 3.1% during trading on Wednesday . The company traded as low as $1.25 and last traded at $1.26. 31,763 shares changed hands during mid-day trading, an increase of 14% from the average session volume of 27,848 shares. The stock had previously closed at $1.30.

Analyst Upgrades and Downgrades

Separately, Cormark upgraded Loop Industries to a “moderate buy” rating in a report on Monday, September 30th.

Loop Industries Stock Performance

The business has a 50-day moving average of $1.44 and a two-hundred day moving average of $1.72. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.48 and a quick ratio of 0.47. The company has a market cap of $87.14 million, a P/E ratio of -4.57 and a beta of 1.54.

Loop Industries (NASDAQ:LOOP) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. Loop Industries had a negative net margin of 19,364.00% and a negative return on equity of 164.29%. The business had revenue of $0.02 million for the quarter. On average, sell-side analysts predict that Loop Industries, Inc. will post -0.31 EPS for the current fiscal year.

Institutional Trading of Loop Industries

A hedge fund recently raised its stake in Loop Industries stock. Balboa Wealth Partners grew its stake in Loop Industries, Inc. (NASDAQ:LOOP) by 24.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,575 shares of the financial services provider’s stock after buying an additional 9,880 shares during the period. Balboa Wealth Partners owned 0.11% of Loop Industries worth $93,000 at the end of the most recent quarter. 4.89% of the stock is currently owned by hedge funds and other institutional investors.

About Loop Industries

Loop Industries, Inc, a technology company, focuses on depolymerizing waste polyethylene terephthalate PET plastics and polyester fibers, including plastic bottles, packaging, carpets and textiles of any color, transparency and even ocean plastics that have been degraded by the sun and salt, to its base building blocks.