Richelieu Gestion SA increased its stake in shares of Loop Industries, Inc. (NASDAQ:LOOP – Free Report) by 24.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 39,663 shares of the financial services provider’s stock after purchasing an additional 7,908 shares during the period. Richelieu Gestion SA owned 0.08% of Loop Industries worth $128,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently modified their holdings of the company. Royal Bank of Canada lifted its holdings in Loop Industries by 44.7% during the 1st quarter. Royal Bank of Canada now owns 6,945 shares of the financial services provider’s stock worth $62,000 after buying an additional 2,145 shares in the last quarter. Balboa Wealth Partners lifted its stake in shares of Loop Industries by 10.6% in the first quarter. Balboa Wealth Partners now owns 56,750 shares of the financial services provider’s stock valued at $195,000 after purchasing an additional 5,450 shares during the period. Squarepoint Ops LLC acquired a new position in Loop Industries during the first quarter worth about $35,000. State Street Corp raised its position in Loop Industries by 18.2% during the first quarter. State Street Corp now owns 74,040 shares of the financial services provider’s stock worth $659,000 after acquiring an additional 11,397 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of Loop Industries by 15.9% in the first quarter. Bank of Montreal Can now owns 83,294 shares of the financial services provider’s stock valued at $740,000 after buying an additional 11,413 shares during the last quarter. Institutional investors and hedge funds own 4.84% of the company’s stock.
Wall Street Analyst Weigh In
Separately, Raymond James lowered their target price on shares of Loop Industries from $8.00 to $7.50 and set an “outperform” rating for the company in a report on Friday, July 14th.
Loop Industries Price Performance
LOOP traded up $0.07 during trading on Monday, hitting $3.58. 10,193 shares of the company’s stock were exchanged, compared to its average volume of 73,458. The company has a debt-to-equity ratio of 0.11, a current ratio of 6.18 and a quick ratio of 6.01. Loop Industries, Inc. has a 1 year low of $1.85 and a 1 year high of $5.33. The stock has a 50 day moving average price of $3.00 and a 200 day moving average price of $2.98.
Loop Industries (NASDAQ:LOOP – Get Free Report) last posted its quarterly earnings data on Wednesday, July 12th. The financial services provider reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.04). Loop Industries had a negative net margin of 5,137.50% and a negative return on equity of 68.55%. The company had revenue of $0.03 million for the quarter. Sell-side analysts expect that Loop Industries, Inc. will post -0.36 earnings per share for the current year.
About Loop Industries
Loop Industries, Inc, a technology company, focuses on depolymerizing waste polyethylene terephthalate PET plastics and polyester fibers, including plastic bottles, packaging, carpets and textiles of any color, transparency and even ocean plastics that have been degraded by the sun and salt, to its base building blocks.
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