Loop Industries (NASDAQ:LOOP) Upgraded 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 note published on Wednesday 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. “

NASDAQ:LOOP opened at $11.96 on Wednesday. The firm’s 50-day moving average is $10.23 and its 200-day moving average is $9.88. Loop Industries has a 52-week low of $5.70 and a 52-week high of $18.20. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.15 and a current ratio of 2.15. The company has a market cap of $507.64 million, a price-to-earnings ratio of -11.07 and a beta of 1.07.

Loop Industries (NASDAQ:LOOP) last posted its earnings results on Thursday, July 15th. The financial services provider reported ($0.29) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.29). Equities analysts predict that Loop Industries will post -0.75 EPS for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. HRT Financial LP bought a new stake in Loop Industries in the first quarter valued at about $82,000. Goldman Sachs Group Inc. bought a new stake in Loop Industries in the first quarter valued at about $116,000. Virtu Financial LLC bought a new stake in Loop Industries during the first quarter worth about $131,000. Scotia Capital Inc. grew its stake in Loop Industries by 42.8% during the first quarter. Scotia Capital Inc. now owns 21,500 shares of the financial services provider’s stock worth $172,000 after buying an additional 6,440 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new position in shares of Loop Industries during the second quarter worth approximately $191,000. 12.27% of the stock is currently owned by institutional investors and hedge funds.

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; 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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