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

Loop Industries (NASDAQ:LOOP) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks reports.

Loop Industries Stock Up 2.4%

NASDAQ LOOP opened at $0.48 on Tuesday. The stock has a market cap of $23.44 million, a price-to-earnings ratio of -1.86 and a beta of 1.46. Loop Industries has a fifty-two week low of $0.41 and a fifty-two week high of $1.99. The business has a fifty day moving average of $0.65 and a 200-day moving average of $1.03.

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

Insider Buying and Selling

In other Loop Industries news, Director Jeffrey Richart Geygan purchased 62,895 shares of the stock in a transaction on Thursday, July 30th. The stock was bought at an average price of $0.75 per share, for a total transaction of $47,171.25. Following the acquisition, the director directly owned 3,301,474 shares of the company’s stock, valued at $2,476,105.50. This represents a 1.94% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders bought 123,495 shares of company stock valued at $89,322. 49.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Loop Industries

A number of institutional investors have recently bought and sold shares of the stock. CacheTech Inc. grew its position in Loop Industries by 38.8% during the first quarter. CacheTech Inc. now owns 36,870 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 10,310 shares during the period. 4WEALTH Advisors Inc. purchased a new position in shares of Loop Industries in the 1st quarter worth about $38,000. Susquehanna International Group LLP acquired a new position in shares of Loop Industries in the 2nd quarter valued at about $68,000. Finally, Fifth Third Bancorp purchased a new stake in shares of Loop Industries during the 1st quarter worth about $215,000. 4.89% of the stock is currently owned by hedge funds and other institutional investors.

About Loop Industries

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.