Loop Industries (NASDAQ:LOOP) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Loop Industries (NASDAQ:LOOP) from a sell rating to a hold rating in a research report released on Wednesday, Zacks.com reports.

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 Industries stock opened at $11.96 on Wednesday. The stock has a 50-day moving average of $10.20 and a two-hundred day moving average of $9.85. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.15 and a current ratio of 2.15. Loop Industries has a one year low of $5.70 and a one year high of $18.20. The stock has a market cap of $507.64 million, a PE ratio of -11.07 and a beta of 1.07.

Loop Industries (NASDAQ:LOOP) last released its quarterly earnings results on Thursday, July 15th. The financial services provider reported ($0.29) EPS for the quarter, meeting analysts’ consensus estimates of ($0.29). As a group, sell-side analysts predict that Loop Industries will post -0.75 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the business. Scotia Capital Inc. raised its stake in shares of Loop Industries by 42.8% in the first quarter. Scotia Capital Inc. now owns 21,500 shares of the financial services provider’s stock worth $172,000 after purchasing an additional 6,440 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Loop Industries by 23.8% in the first quarter. Geode Capital Management LLC now owns 211,043 shares of the financial services provider’s stock worth $1,690,000 after purchasing an additional 40,531 shares during the last quarter. Northern Trust Corp raised its stake in shares of Loop Industries by 4.2% in the first quarter. Northern Trust Corp now owns 41,924 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 1,700 shares during the last quarter. Baird Financial Group Inc. purchased a new position in shares of Loop Industries in the first quarter worth about $939,000. Finally, Bank of Montreal Can raised its stake in shares of Loop Industries by 26.4% in the first quarter. Bank of Montreal Can now owns 52,026 shares of the financial services provider’s stock worth $435,000 after purchasing an additional 10,857 shares during the last quarter. Institutional investors own 12.27% of the company’s stock.

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; and polyester fibers comprising carpets and clothing for textile applications to consumer goods companies The company was founded by Daniel Solomita in 2015 and is headquartered in Terrebonne, Canada.

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