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

Loop Industries (NASDAQ:LOOP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, 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. “

A number of other equities research analysts also recently issued reports on LOOP. Roth Capital started coverage on Loop Industries in a research report on Monday, October 14th. They set a “buy” rating and a $14.00 price objective on the stock. HC Wainwright upped their price objective on Loop Industries from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, ValuEngine downgraded Loop Industries from a “hold” rating to a “sell” rating in a research report on Thursday, October 17th.

Shares of Loop Industries stock opened at $10.04 on Thursday. The stock has a 50 day moving average of $11.40 and a 200 day moving average of $11.12. Loop Industries has a 12 month low of $5.69 and a 12 month high of $18.65. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.68 and a quick ratio of 6.68.

Loop Industries (NASDAQ:LOOP) last announced its quarterly earnings results on Tuesday, October 8th. The financial services provider reported ($0.09) EPS for the quarter, meeting analysts’ consensus estimates of ($0.09). As a group, analysts forecast that Loop Industries will post -0.38 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its position in Loop Industries by 1.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 47,375 shares of the financial services provider’s stock valued at $469,000 after purchasing an additional 825 shares during the period. Tower Research Capital LLC TRC purchased a new stake in Loop Industries during the third quarter valued at approximately $27,000. Creative Planning raised its position in Loop Industries by 0.3% during the second quarter. Creative Planning now owns 870,570 shares of the financial services provider’s stock valued at $8,610,000 after purchasing an additional 3,000 shares during the period. Royal Bank of Canada raised its position in Loop Industries by 83.0% during the second quarter. Royal Bank of Canada now owns 6,835 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 3,100 shares during the period. Finally, BlackRock Inc. raised its position in Loop Industries by 6.3% during the second quarter. BlackRock Inc. now owns 66,720 shares of the financial services provider’s stock valued at $660,000 after purchasing an additional 3,941 shares during the period. Institutional investors and hedge funds own 7.57% 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.

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