Short Interest in Loop Industries, Inc. (NASDAQ:LOOP) Drops By 28.7%

Key Points

• Short interest in Loop Industries, Inc. dropped by 28.7% in August, totaling 500,100 shares, which represents approximately 2.3% of the company's shares being short sold.
• Insiders have purchased 1,474,794 shares worth approximately $1.54 million over the last three months, increasing their ownership to 45.90% of the company.
• Loop Industries reported a quarterly earnings loss of ($0.07) per share, with revenues of $0.25 million, exceeding analysts' estimates of $0.16 million.

Loop Industries, Inc. (NASDAQ:LOOP - Get Free Report) saw a significant drop in short interest in August. As of August 15th, there was short interest totaling 500,100 shares, adropof28.7% from the July 31st total of 701,300 shares. Approximately2.3% of the company's shares are short sold. Based on an average daily volume of 350,700 shares, the days-to-cover ratio is presently 1.4 days. Based on an average daily volume of 350,700 shares, the days-to-cover ratio is presently 1.4 days. Approximately2.3% of the company's shares are short sold.

Insider Buying and Selling

In other news, CRO Giovanni Catino bought 150,000 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were bought at an average cost of $1.01 per share, with a total value of $151,500.00. Following the acquisition, the executive owned 150,000 shares in the company, valued at $151,500. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jay Howard Stubina bought 150,000 shares of the business's stock in a transaction on Wednesday, July 23rd. The stock was bought at an average price of $1.01 per share, for a total transaction of $151,500.00. Following the transaction, the director directly owned 285,000 shares of the company's stock, valued at approximately $287,850. This represents a 111.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 1,474,794 shares of company stock worth $1,539,640 over the last three months. Company insiders own 45.90% of the company's stock.

Hedge Funds Weigh In On Loop Industries

Institutional investors have recently made changes to their positions in the stock. Corient Private Wealth LLC bought a new stake in shares of Loop Industries during the 2nd quarter worth about $346,000. Osaic Holdings Inc. raised 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 purchasing an additional 167,041 shares during the last quarter. Towneley Capital Management Inc DE purchased a new position in Loop Industries in the first quarter valued at approximately $78,000. Millennium Management LLC purchased a new stake in shares of Loop Industries during the fourth quarter worth about $41,000. Finally, Jane Street Group LLC bought a new position in shares of Loop Industries during the second quarter valued at approximately $39,000. 4.89% of the stock is owned by institutional investors.

Loop Industries Price Performance

NASDAQ:LOOP traded up $0.11 during trading hours on Monday, hitting $1.97. 195,364 shares of the stock traded hands, compared to its average volume of 173,236. Loop Industries has a 1 year low of $0.85 and a 1 year high of $2.29. The company has a market cap of $94.01 million, a price-to-earnings ratio of -7.09 and a beta of 1.77. 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 $1.44 and a 200 day moving average price of $1.29.

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

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.

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