Loop Industries (NASDAQ:LOOP) Share Price Crosses Above Two Hundred Day Moving Average – Time to Sell?

Shares of Loop Industries, Inc. (NASDAQ:LOOP) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.24 and traded as high as $1.3350. Loop Industries shares last traded at $1.29, with a volume of 33,805 shares changing hands.

Loop Industries Price Performance

The stock has a market capitalization of $57.57 million, a price-to-earnings ratio of -4.58 and a beta of 1.44. The business’s 50-day simple moving average is $1.38 and its two-hundred day simple moving average is $1.24.

Loop Industries (NASDAQ:LOOP) last posted its quarterly earnings data on Wednesday, May 27th. The financial services provider reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.06). The firm had revenue of $0.18 million for the quarter, compared to analysts’ expectations of $0.78 million. As a group, sell-side analysts expect that Loop Industries, Inc. will post -0.12 EPS for the current year.

Institutional Trading of Loop Industries

A number of hedge funds have recently made changes to their positions in the company. Corient Private Wealth LLC purchased a new stake in shares of Loop Industries during the second quarter valued at approximately $346,000. Osaic Holdings Inc. raised its stake in shares of Loop Industries by 17,220.7% during 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 during the period. Fifth Third Bancorp bought a new stake in shares of Loop Industries in the first quarter worth $215,000. State Street Corp increased its stake in shares of Loop Industries by 16.3% in the fourth quarter. State Street Corp now owns 88,340 shares of the financial services provider’s stock worth $88,000 after buying an additional 12,400 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Loop Industries by 40.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 74,289 shares of the financial services provider’s stock worth $74,000 after buying an additional 21,502 shares during the last quarter. Hedge funds and other institutional investors own 4.89% of the company’s stock.

Loop Industries Company Profile

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.