Short Interest in Loop Industries Inc (NASDAQ:LOOP) Decreases By 8.0%

Loop Industries Inc (NASDAQ:LOOP) saw a significant decline in short interest during the month of July. As of July 31st, there was short interest totalling 1,501,700 shares, a decline of 8.0% from the June 30th total of 1,632,000 shares. Currently, 11.2% of the company’s stock are sold short. Based on an average daily volume of 83,700 shares, the short-interest ratio is presently 17.9 days.

LOOP has been the topic of a number of recent research reports. ValuEngine upgraded Loop Industries from a “hold” rating to a “buy” rating in a research report on Saturday, June 22nd. HC Wainwright reiterated a “buy” rating and issued a $12.00 target price on shares of Loop Industries in a research report on Friday, July 12th. Finally, Zacks Investment Research upgraded Loop Industries from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a research report on Wednesday, July 17th.

In other Loop Industries news, Director Sidney Mortimer Horn sold 5,000 shares of Loop Industries stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $12.00, for a total value of $60,000.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 55.14% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new position in Loop Industries in the fourth quarter valued at approximately $105,000. Northern Trust Corp acquired a new position in Loop Industries in the fourth quarter valued at approximately $105,000. Handelsbanken Fonder AB acquired a new position in Loop Industries in the first quarter valued at approximately $158,000. BlackRock Inc. lifted its holdings in Loop Industries by 5.2% in the fourth quarter. BlackRock Inc. now owns 23,804 shares of the financial services provider’s stock valued at $185,000 after acquiring an additional 1,166 shares during the period. Finally, Bank of Montreal Can lifted its holdings in Loop Industries by 13.8% in the first quarter. Bank of Montreal Can now owns 28,785 shares of the financial services provider’s stock valued at $228,000 after acquiring an additional 3,500 shares during the period. Hedge funds and other institutional investors own 5.26% of the company’s stock.

NASDAQ LOOP traded down $0.10 during trading hours on Thursday, reaching $13.00. The stock had a trading volume of 53,700 shares, compared to its average volume of 68,014. The stock has a fifty day moving average of $12.27 and a 200 day moving average of $9.51. The stock has a market cap of $511.03 million, a P/E ratio of -33.33 and a beta of 0.64. Loop Industries has a 52-week low of $5.69 and a 52-week high of $14.45. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.16 and a current ratio of 1.16.

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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