Loop Industries (NASDAQ:LOOP) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Loop Industries (NASDAQ:LOOP) from a hold rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. The firm currently has $14.00 target price on the financial services provider’s stock.

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. “

Several other equities analysts have also recently weighed in on the stock. HC Wainwright set a $5.00 price objective on shares of Eyepoint Pharmaceuticals and gave the stock a buy rating in a research note on Friday, July 12th. ValuEngine upgraded shares of Zumiez from a sell rating to a hold rating in a research note on Saturday, June 22nd.

Shares of NASDAQ:LOOP opened at $11.64 on Wednesday. The business has a 50 day simple moving average of $10.02. Loop Industries has a twelve month low of $5.69 and a twelve month high of $14.45. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.13.

Loop Industries (NASDAQ:LOOP) last issued its quarterly earnings data on Tuesday, May 7th. The financial services provider reported ($0.09) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.09). As a group, analysts expect that Loop Industries will post -0.4 EPS for the current fiscal year.

In other Loop Industries news, Director Sidney Mortimer Horn sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $12.00, for a total transaction of $60,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 55.14% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Handelsinvest Investeringsforvaltning bought a new stake in Loop Industries during the 1st quarter worth approximately $79,000. Bank of New York Mellon Corp bought a new stake in Loop Industries during the 4th quarter worth approximately $105,000. Northern Trust Corp bought a new stake in Loop Industries during the 4th quarter worth approximately $105,000. Handelsbanken Fonder AB bought a new stake in Loop Industries during the 1st quarter worth approximately $158,000. Finally, BlackRock Inc. raised its stake in Loop Industries by 5.2% during the 4th quarter. BlackRock Inc. now owns 23,804 shares of the financial services provider’s stock worth $185,000 after acquiring an additional 1,166 shares during the period. Institutional investors own 4.94% of the company’s stock.

About Loop Industries

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.

See Also: What does an equal weight rating mean?

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