Loop Industries (NASDAQ:LOOP) Releases Earnings Results, Hits Expectations

Loop Industries (NASDAQ:LOOP) released its quarterly earnings results on Wednesday. The financial services provider reported ($0.06) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.06), FiscalAI reports. The firm had revenue of $0.18 million during the quarter, compared to analyst estimates of $0.78 million.

Loop Industries Price Performance

LOOP opened at $1.35 on Thursday. The stock has a market cap of $65.26 million, a P/E ratio of -22.50 and a beta of 1.44. The stock’s 50 day simple moving average is $1.38 and its 200 day simple moving average is $1.24. Loop Industries has a 1-year low of $0.88 and a 1-year high of $2.29.

Institutional Investors Weigh In On Loop Industries

A number of institutional investors and hedge funds have recently modified their holdings of LOOP. Jane Street Group LLC acquired a new stake in shares of Loop Industries in the 2nd quarter worth approximately $39,000. Corient Private Wealth LLC acquired a new stake in shares of Loop Industries in the 2nd quarter worth approximately $346,000. Osaic Holdings Inc. grew its holdings in shares of 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 acquiring an additional 167,041 shares during the period. Citadel Advisors LLC grew its holdings in shares of Loop Industries by 564.3% in the 3rd quarter. Citadel Advisors LLC now owns 44,536 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 54,129 shares during the period. Finally, Susquehanna International Group LLP acquired a new stake in shares of Loop Industries in the 3rd quarter worth approximately $49,000. Institutional investors and hedge funds own 4.89% of the company’s stock.

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.