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

Zacks Investment Research upgraded shares of Loop Industries (NASDAQ:LOOP) from a hold rating to a buy rating in a research report released on Friday, Zacks.com reports. The firm currently has $12.00 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 research analysts have also recently issued reports on the company. HC Wainwright reissued a buy rating and issued a $15.00 price target on shares of Loop Industries in a research note on Monday, January 13th. ValuEngine cut Loop Industries from a hold rating to a sell rating in a research note on Thursday, December 26th.

Shares of LOOP opened at $10.38 on Friday. The company has a market cap of $407.23 million, a P/E ratio of -19.96 and a beta of 0.46. The stock has a fifty day moving average price of $10.19 and a 200 day moving average price of $11.71. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.48 and a quick ratio of 5.48. Loop Industries has a 12 month low of $6.33 and a 12 month high of $18.65.

Loop Industries (NASDAQ:LOOP) last issued its quarterly earnings data on Thursday, January 9th. The financial services provider reported ($0.10) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.01). As a group, research analysts anticipate that Loop Industries will post -0.38 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in LOOP. Creative Planning grew its stake in shares of Loop Industries by 88.4% in the third quarter. Creative Planning now owns 1,640,465 shares of the financial services provider’s stock worth $21,031,000 after purchasing an additional 769,895 shares in the last quarter. Handelsbanken Fonder AB grew its stake in shares of Loop Industries by 177.3% in the third quarter. Handelsbanken Fonder AB now owns 406,584 shares of the financial services provider’s stock worth $5,212,000 after purchasing an additional 259,959 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Loop Industries in the fourth quarter worth $515,000. Handelsinvest Investeringsforvaltning grew its stake in shares of Loop Industries by 66.7% in the fourth quarter. Handelsinvest Investeringsforvaltning now owns 50,000 shares of the financial services provider’s stock worth $495,000 after purchasing an additional 20,000 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Loop Industries in the third quarter worth $246,000. 9.22% of the stock is 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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