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

Zacks Research upgraded shares of Loop Industries (NASDAQ:LOOP) from a strong sell rating to a hold rating in a research report sent to investors on Tuesday morning,Zacks reports.

Loop Industries Price Performance

Shares of Loop Industries stock opened at $0.48 on Tuesday. The firm has a market cap of $23.44 million, a price-to-earnings ratio of -1.86 and a beta of 1.46. The stock’s 50-day moving average is $0.65 and its 200-day moving average is $1.03. Loop Industries has a one year low of $0.41 and a one year high of $1.99.

Loop Industries (NASDAQ:LOOP) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported ($0.07) earnings per share (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 analyst estimates of $0.54 million. On average, equities analysts expect that Loop Industries will post -0.22 EPS for the current year.

Insider Activity

In other Loop Industries news, Director Jeffrey Richart Geygan acquired 62,895 shares of the stock in a transaction dated Thursday, July 30th. The shares were bought at an average cost of $0.75 per share, for a total transaction of $47,171.25. Following the completion of the acquisition, the director directly owned 3,301,474 shares of the company’s stock, valued at approximately $2,476,105.50. This trade represents a 1.94% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have purchased 123,495 shares of company stock valued at $89,322 in the last 90 days. 49.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. 4WEALTH Advisors Inc. bought a new position in shares of Loop Industries in the 1st quarter valued at about $38,000. CacheTech Inc. increased its position in shares of Loop Industries by 38.8% during 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 during the last quarter. Susquehanna International Group LLP acquired a new position in shares of Loop Industries during the 2nd quarter worth approximately $68,000. Finally, Fifth Third Bancorp bought a new stake in shares of Loop Industries during the 1st quarter worth approximately $215,000. Institutional investors own 4.89% of the company’s stock.

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.