Zacks Investment Research Upgrades Loop Industries (NASDAQ:LOOP) to Buy

Loop Industries (NASDAQ:LOOP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, reports. The firm currently has a $14.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 15.80% from the company’s previous close.

According to Zacks, “Loop Industries Inc. is a technology company. It created a revolutionary process which decouples plastic from fossil fuels, breaking down waste PET plastic to its base building blocks. Loop Industries Inc. is based in Los Angeles, United States. “

LOOP has been the topic of a number of other reports. HC Wainwright set a $5.00 price target on Eyepoint Pharmaceuticals and gave the company a “buy” rating in a research report on Friday, July 12th. ValuEngine upgraded Zumiez from a “sell” rating to a “hold” rating in a research report on Saturday, June 22nd.

Shares of LOOP traded up $0.02 on Wednesday, reaching $12.09. 68,455 shares of the stock traded hands, compared to its average volume of 130,529. The firm has a market cap of $470.88 million, a price-to-earnings ratio of -31.00 and a beta of 0.59. 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 has a 12 month low of $5.69 and a 12 month high of $14.45. The stock’s 50-day moving average is $9.94.

Loop Industries (NASDAQ:LOOP) last announced its quarterly earnings results on Tuesday, May 7th. The financial services provider reported ($0.09) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.09). As a group, equities research analysts anticipate that Loop Industries will post -0.4 earnings per share for the current year.

In other Loop Industries news, Director Sidney Mortimer Horn sold 5,000 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $12.00, for a total value of $60,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 55.14% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. grew its holdings in Loop Industries by 5.2% during the 4th quarter. BlackRock Inc. now owns 23,804 shares of the financial services provider’s stock valued at $185,000 after purchasing an additional 1,166 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Loop Industries during the 4th quarter valued at about $105,000. Northern Trust Corp bought a new position in Loop Industries during the 4th quarter valued at about $105,000. Geode Capital Management LLC bought a new position in Loop Industries during the 4th quarter valued at about $346,000. Finally, Handelsinvest Investeringsforvaltning bought a new position in Loop Industries during the 1st quarter valued at about $79,000. 4.94% of the stock is currently owned by institutional investors.

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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