Loop Industries (NASDAQ:LOOP) Cut to Strong Sell at Zacks Research

Loop Industries (NASDAQ:LOOP) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Loop Industries Stock Performance

LOOP opened at $0.72 on Tuesday. The stock has a market capitalization of $34.84 million, a PE ratio of -2.77 and a beta of 1.45. The stock’s 50 day moving average price is $0.97 and its 200-day moving average price is $1.19. Loop Industries has a 52-week low of $0.71 and a 52-week high of $2.11.

Loop Industries (NASDAQ:LOOP) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). The company had revenue of $0.18 million during the quarter, compared to the consensus estimate of $0.54 million. Research analysts forecast that Loop Industries will post -0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Loop Industries

A number of institutional investors have recently bought and sold shares of the stock. Corient Private Wealth LLC purchased a new stake in Loop Industries in the second quarter worth about $346,000. Osaic Holdings Inc. lifted its stake in shares of Loop Industries by 17,220.7% in the 2nd quarter. Osaic Holdings Inc. now owns 168,011 shares of the financial services provider’s stock valued at $239,000 after purchasing an additional 167,041 shares during the period. Fifth Third Bancorp purchased a new position in shares of Loop Industries in the 1st quarter valued at approximately $215,000. State Street Corp boosted its position in shares of Loop Industries by 16.3% during the fourth quarter. State Street Corp now owns 88,340 shares of the financial services provider’s stock valued at $88,000 after purchasing an additional 12,400 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Loop Industries by 40.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 74,289 shares of the financial services provider’s stock valued at $74,000 after purchasing an additional 21,502 shares in the last quarter. 4.89% of the stock is owned by institutional investors.

Loop Industries Company Profile

Loop Industries (NASDAQ:LOOP) is a technology innovator in the sustainable plastics sector. The company has developed a proprietary depolymerization process that breaks down end-of-life polyethylene terephthalate (PET) plastic and polyester fiber into their base molecules. These purified monomers are then repolymerized into virgin-quality PET resin suitable for new packaging applications, creating a closed-loop recycling solution that addresses global plastic waste challenges.

With its headquarters in Terrebonne, Quebec, Loop Industries operates pilot and demonstration facilities to validate and refine its technology.