Loop Industries (NASDAQ:LOOP) Stock Passes Above 200-Day Moving Average – Should You Sell?

Loop Industries, Inc. (NASDAQ:LOOP) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.24 and traded as high as $1.40. Loop Industries shares last traded at $1.35, with a volume of 29,410 shares changing hands.

Loop Industries Price Performance

The firm’s fifty day moving average is $1.38 and its 200 day moving average is $1.24. The firm has a market capitalization of $67.19 million, a price-to-earnings ratio of -5.35 and a beta of 1.44.

Loop Industries (NASDAQ:LOOP) last released its quarterly earnings data on Wednesday, May 27th. The financial services provider reported ($0.06) earnings per share for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $0.18 million during the quarter, compared to analyst estimates of $0.78 million. Equities research analysts forecast that Loop Industries, Inc. will post -0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Loop Industries

Several institutional investors and hedge funds have recently modified their holdings of the stock. Corient Private Wealth LLC purchased a new position in shares of Loop Industries during the 2nd quarter valued at $346,000. Osaic Holdings Inc. increased its position in Loop Industries by 17,220.7% in 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. Fifth Third Bancorp acquired a new position in Loop Industries in the 1st quarter worth about $215,000. State Street Corp increased its position in Loop Industries by 16.3% in the 4th quarter. State Street Corp now owns 88,340 shares of the financial services provider’s stock worth $88,000 after purchasing an additional 12,400 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Loop Industries by 40.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 74,289 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 21,502 shares during the last quarter. 4.89% of the stock is currently owned by hedge funds and other institutional investors.

About Loop Industries

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.