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

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

Loop Industries Stock Down 2.0%

LOOP opened at $0.72 on Tuesday. The stock’s fifty day moving average is $0.97 and its two-hundred day moving average is $1.19. The company has a market capitalization of $34.84 million, a P/E ratio of -2.77 and a beta of 1.45. Loop Industries has a 52 week low of $0.71 and a 52 week high of $2.11.

Loop Industries (NASDAQ:LOOP) last issued its earnings results 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 business had revenue of $0.18 million during the quarter, compared to analyst estimates of $0.54 million. Equities analysts anticipate that Loop Industries will post -0.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC bought a new stake in shares of Loop Industries in the 2nd quarter valued at about $39,000. 4WEALTH Advisors Inc. bought a new position in shares of Loop Industries during the first quarter valued at approximately $38,000. XTX Topco Ltd bought a new position in shares of Loop Industries during the fourth quarter valued at approximately $32,000. Susquehanna International Group LLP purchased a new position in Loop Industries during the third quarter valued at approximately $49,000. Finally, CacheTech Inc. increased its holdings 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 buying an additional 10,310 shares during the period. Hedge funds and other 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.