Loop Industries (NASDAQ:LOOP) Stock Rating Upgraded by Zacks Research

Loop Industries (NASDAQ:LOOP) was upgraded by stock 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 Trading Up 2.4%

NASDAQ:LOOP opened at $0.48 on Tuesday. Loop Industries has a 12 month low of $0.41 and a 12 month high of $1.99. The stock has a market capitalization of $23.44 million, a price-to-earnings ratio of -1.86 and a beta of 1.46. The firm has a fifty day simple moving average of $0.65 and a two-hundred day simple moving average of $1.03.

Loop Industries (NASDAQ:LOOP) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The firm had revenue of $0.18 million for the quarter, compared to analysts’ expectations of $0.54 million. Equities analysts predict that Loop Industries will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Jeffrey Richart Geygan purchased 62,895 shares of the company’s stock in a transaction that occurred on Thursday, July 30th. The shares were acquired at an average cost of $0.75 per share, with a total value of $47,171.25. Following the purchase, the director owned 3,301,474 shares in the company, valued at $2,476,105.50. This represents a 1.94% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders bought 123,495 shares of company stock valued at $89,322. Insiders own 49.70% of the company’s stock.

Institutional Investors Weigh In On Loop Industries

Several hedge funds and other institutional investors have recently modified their holdings of the company. Fifth Third Bancorp acquired a new position in shares of Loop Industries during the first quarter worth approximately $215,000. Susquehanna International Group LLP bought a new position in shares of Loop Industries in the 2nd quarter worth $68,000. CacheTech Inc. lifted its holdings in shares of Loop Industries by 38.8% in the 1st quarter. CacheTech Inc. now owns 36,870 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 10,310 shares in the last quarter. Finally, 4WEALTH Advisors Inc. acquired a new stake in Loop Industries in the 1st quarter valued at $38,000. Institutional investors own 4.89% of the company’s stock.

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.