Loop Industries (NASDAQ:LOOP) Share Price Passes Above 200 Day Moving Average - What's Next?

Key Points

• Loop Industries shares surpassed their 200-day moving average, reaching a high of $1.74 before settling at $1.70, amidst a trading volume of 292,013 shares.
• The company reported negative earnings per share of ($0.07) for the last quarter, matching analyst expectations, while revenue of $0.25 million exceeded estimates.
• Significant insider activity was noted, with a director purchasing 191,317 shares in July, reflecting confidence in the company's potential growth and contributing to high insider ownership.

Loop Industries, Inc. (NASDAQ:LOOP - Get Free Report) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $1.23 and traded as high as $1.74. Loop Industries shares last traded at $1.70, with a volume of 292,013 shares.

Loop Industries Stock Performance

The company has a market cap of $77.78 million, a P/E ratio of -5.82 and a beta of 1.76. 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 stock has a 50 day moving average price of $1.46 and a two-hundred day moving average price of $1.24.

Loop Industries (NASDAQ:LOOP - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported ($0.07) EPS for the quarter, hitting analysts' consensus estimates of ($0.07). Loop Industries had a negative return on equity of 354.97% and a negative net margin of 120.79%. The firm had revenue of $0.25 million for the quarter, compared to analyst estimates of $0.16 million. On average, research analysts predict that Loop Industries, Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Loop Industries

In related news, Director Laurence G. Sellyn bought 150,000 shares of the business's stock in a transaction on Wednesday, July 23rd. The shares were purchased at an average cost of $1.01 per share, with a total value of $151,500.00. Following the acquisition, the director owned 430,050 shares of the company's stock, valued at $434,350.50. This represents a 53.56% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Daniel Solomita acquired 906,794 shares of the company's stock in a transaction dated Wednesday, July 23rd. The stock was acquired at an average cost of $1.01 per share, for a total transaction of $915,861.94. Following the completion of the purchase, the chief executive officer directly owned 1,415,516 shares in the company, valued at $1,429,671.16. This trade represents a 178.25% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,474,794 shares of company stock worth $1,539,640 over the last three months. 45.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. CacheTech Inc. acquired a new position in Loop Industries during the 4th quarter worth approximately $30,000. 4WEALTH Advisors Inc. bought a new stake in Loop Industries during the 4th quarter worth approximately $60,000. Millennium Management LLC bought a new stake in Loop Industries during the 4th quarter worth approximately $41,000. Finally, Towneley Capital Management Inc DE bought a new stake in Loop Industries during the 1st quarter worth approximately $78,000. 4.89% of the stock is owned by institutional investors and hedge funds.

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.