Loop Industries Inc (NASDAQ:LOOP) was the recipient of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 2,060,000 shares, a growth of 6.2% from the October 31st total of 1,940,000 shares. Approximately 15.0% of the shares of the stock are sold short. Based on an average daily volume of 116,900 shares, the short-interest ratio is presently 17.6 days.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in LOOP. Tower Research Capital LLC TRC acquired a new stake in Loop Industries in the third quarter worth approximately $27,000. Royal Bank of Canada increased its holdings in shares of Loop Industries by 83.0% in the second quarter. Royal Bank of Canada now owns 6,835 shares of the financial services provider’s stock valued at $68,000 after buying an additional 3,100 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Loop Industries in the third quarter valued at $246,000. Handelsinvest Investeringsforvaltning increased its holdings in shares of Loop Industries by 200.0% in the second quarter. Handelsinvest Investeringsforvaltning now owns 30,000 shares of the financial services provider’s stock valued at $297,000 after buying an additional 20,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Loop Industries by 1.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 47,375 shares of the financial services provider’s stock valued at $469,000 after buying an additional 825 shares in the last quarter. Hedge funds and other institutional investors own 9.04% of the company’s stock.
A number of equities research analysts have weighed in on LOOP shares. ValuEngine downgraded Loop Industries from a “hold” rating to a “sell” rating in a research report on Thursday, October 17th. Zacks Investment Research downgraded Loop Industries from a “buy” rating to a “hold” rating in a research report on Thursday, November 14th. HC Wainwright upped their target price on Loop Industries from $12.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Roth Capital started coverage on Loop Industries in a research report on Monday, October 14th. They issued a “buy” rating and a $14.00 target price for the company.
Loop Industries (NASDAQ:LOOP) last released its earnings results on Tuesday, October 8th. The financial services provider reported ($0.09) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.09). On average, research analysts forecast that Loop Industries will post -0.38 EPS for the current fiscal year.
Loop Industries Company Profile
Loop Industries, Inc focuses on depolymerizing waste polyethylene terephthalate (PET) plastics and polyester fibers into base building blocks. It re-polymerized monomers into virgin-quality PET plastic for use in food-grade plastic packaging, such as water and soda bottles, as well as polyester fibers for textile applications.
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