Loop Industries (NASDAQ:LOOP) Announces Quarterly Earnings Results

Key Points

• Loop Industries reported quarterly earnings of ($0.07) per share, meeting analyst expectations while experiencing significant negative metrics, including a net margin of -120.79% and a return on equity of -354.97%.
• The company's stock price rose to $1.92 during trading, reflecting a trading volume of 278,663 shares, notably exceeding its average volume.
• Insider transactions included Director Laurence G. Sellyn purchasing 150,000 shares, increasing their ownership by over 53%, while institutional investors have also increased their positions in the company.

Loop Industries (NASDAQ:LOOP - Get Free Report) posted its earnings results on Wednesday. The financial services provider reported ($0.07) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.07), Zacks reports. Loop Industries had a negative net margin of 120.79% and a negative return on equity of 354.97%.

Loop Industries Stock Performance

LOOP traded up $0.07 during midday trading on Wednesday, hitting $1.92. 278,663 shares of the company traded hands, compared to its average volume of 166,037. The company has a quick ratio of 2.79, a current ratio of 2.81 and a debt-to-equity ratio of 7.56. The firm has a market capitalization of $91.62 million, a PE ratio of -6.86 and a beta of 1.91. The company's 50-day moving average is $1.65 and its 200 day moving average is $1.38. Loop Industries has a 52 week low of $0.85 and a 52 week high of $2.29.

Insider Activity at Loop Industries

In other news, Director Laurence G. Sellyn bought 150,000 shares of the firm's stock in a transaction on Wednesday, July 23rd. The shares were bought at an average price of $1.01 per share, for a total transaction of $151,500.00. Following the purchase, the director owned 430,050 shares in the company, valued at approximately $434,350.50. The trade was a 53.56% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Spencer Hart bought 20,000 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was acquired at an average cost of $1.66 per share, with a total value of $33,200.00. Following the completion of the acquisition, the director owned 360,370 shares of the company's stock, valued at $598,214.20. This represents a 5.88% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 1,474,794 shares of company stock worth $1,539,640 in the last 90 days. Insiders own 45.90% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LOOP. Jane Street Group LLC purchased a new position in shares of Loop Industries in the second quarter valued at $39,000. Corient Private Wealth LLC purchased a new position in shares of Loop Industries in the second quarter valued at $346,000. Finally, Osaic Holdings Inc. grew its holdings in shares of Loop Industries by 17,220.7% in the second quarter. Osaic Holdings Inc. now owns 168,011 shares of the financial services provider's stock valued at $239,000 after purchasing an additional 167,041 shares in the last quarter. 4.89% of the stock is owned by hedge funds and other institutional investors.

Loop Industries Company Profile

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.

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