Loop Industries (NASDAQ:LOOP) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Loop Industries (NASDAQ:LOOP) issued its earnings results on Tuesday. The financial services provider reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02), FiscalAI reports. The company had revenue of $0.18 million for the quarter, compared to the consensus estimate of $0.69 million.

Loop Industries Stock Up 12.1%

Shares of Loop Industries stock opened at $0.95 on Wednesday. The company’s fifty day simple moving average is $1.11 and its two-hundred day simple moving average is $1.21. Loop Industries has a 12-month low of $0.71 and a 12-month high of $2.11. The firm has a market cap of $45.93 million, a PE ratio of -3.65 and a beta of 1.45.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Osaic Holdings Inc. increased 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 buying an additional 167,041 shares during the period. Corient Private Wealth LLC bought a new position in Loop Industries in the second quarter worth about $346,000. State Street Corp raised its holdings in 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 purchasing an additional 12,400 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Loop Industries by 40.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 74,289 shares of the financial services provider’s stock valued at $74,000 after acquiring an additional 21,502 shares during the period. Finally, Susquehanna International Group LLP purchased a new position in shares of Loop Industries during the third quarter valued at approximately $49,000. 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.