Loop Industries (NASDAQ:LOOP) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Loop Industries (NASDAQ:LOOP) from a buy rating to a hold rating in a research report sent to investors on Saturday morning, 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 research firms have also weighed in on LOOP. HC Wainwright restated a buy rating and set a $15.00 target price on shares of Loop Industries in a research note on Monday, January 13th. ValuEngine lowered shares of Loop Industries from a hold rating to a sell rating in a research note on Thursday, December 26th.

LOOP stock opened at $10.13 on Friday. The company’s 50 day moving average price is $10.19 and its 200 day moving average price is $11.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.48 and a current ratio of 5.48. Loop Industries has a fifty-two week low of $6.33 and a fifty-two week high of $18.65. The firm has a market capitalization of $407.23 million, a price-to-earnings ratio of -19.48 and a beta of 0.46.

Loop Industries (NASDAQ:LOOP) last released its earnings results on Thursday, January 9th. The financial services provider reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.01). Equities analysts forecast that Loop Industries will post -0.38 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in LOOP. Tower Research Capital LLC TRC purchased a new position in Loop Industries in the third quarter valued at approximately $27,000. Ladenburg Thalmann Financial Services Inc. purchased a new position in Loop Industries in the fourth quarter valued at approximately $28,000. Royal Bank of Canada increased its stake in Loop Industries by 83.0% in 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 last quarter. California Public Employees Retirement System purchased a new position in Loop Industries in the fourth quarter valued at approximately $155,000. Finally, Renaissance Technologies LLC increased its stake in Loop Industries by 42.0% in the fourth quarter. Renaissance Technologies LLC now owns 24,000 shares of the financial services provider’s stock valued at $238,000 after purchasing an additional 7,100 shares during the last quarter. Institutional investors own 9.22% 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, as well as polyester fibers for textile applications.

See Also: How to Trade Using Analysts Ratings

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