Loop Industries (NASDAQ:LOOP) Downgraded to Hold at Zacks Investment Research
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 brokerages have also recently weighed in on LOOP. HC Wainwright reiterated a buy rating and set a $12.00 price target on shares of Loop Industries in a research report on Friday, July 12th. ValuEngine upgraded Loop Industries from a hold rating to a buy rating in a research report on Saturday, June 22nd.
Loop Industries (NASDAQ:LOOP) last announced its quarterly earnings results on Monday, July 8th. The financial services provider reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). Sell-side analysts predict that Loop Industries will post -0.4 earnings per share for the current year.
In other news, Director Sidney Mortimer Horn sold 5,000 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $12.00, for a total transaction of $60,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 55.14% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in LOOP. Bank of Montreal Can raised its position in shares of Loop Industries by 13.8% during the 1st quarter. Bank of Montreal Can now owns 28,785 shares of the financial services provider’s stock worth $228,000 after purchasing an additional 3,500 shares during the period. Handelsbanken Fonder AB bought a new position in Loop Industries in the 1st quarter worth approximately $158,000. Creative Planning grew its holdings in Loop Industries by 0.3% in the 2nd quarter. Creative Planning now owns 870,570 shares of the financial services provider’s stock worth $8,610,000 after buying an additional 3,000 shares in the last quarter. Handelsinvest Investeringsforvaltning grew its holdings in Loop Industries by 200.0% in the 2nd quarter. Handelsinvest Investeringsforvaltning now owns 30,000 shares of the financial services provider’s stock worth $297,000 after buying an additional 20,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Loop Industries by 1.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 47,375 shares of the financial services provider’s stock worth $469,000 after buying an additional 825 shares in the last quarter. Institutional investors and hedge funds own 4.95% of the company’s stock.
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, as well as polyester fibers for textile applications.
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