Loop Industries (NASDAQ:LOOP) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Loop Industries (NASDAQ:LOOP) from a hold rating to a buy rating in a report released on Wednesday morning, Zacks.com reports. The brokerage currently has $14.00 price objective on the financial services provider’s stock.
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. “
Several other research firms also recently commented on LOOP. HC Wainwright set a $5.00 price objective on shares of Eyepoint Pharmaceuticals and gave the company a buy rating in a report on Friday, July 12th. ValuEngine raised shares of Zumiez from a sell rating to a hold rating in a report on Saturday, June 22nd.
Loop Industries (NASDAQ:LOOP) last released its quarterly earnings data on Tuesday, May 7th. The financial services provider reported ($0.09) EPS for the quarter, meeting the consensus estimate of ($0.09). As a group, analysts forecast that Loop Industries will post -0.4 earnings per share for the current year.
In other Loop Industries news, Director Sidney Mortimer Horn sold 5,000 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $12.00, for a total transaction of $60,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 55.14% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Handelsinvest Investeringsforvaltning purchased a new stake in shares of Loop Industries during the 1st quarter valued at about $79,000. Northern Trust Corp purchased a new stake in shares of Loop Industries during the 4th quarter valued at about $105,000. Bank of New York Mellon Corp purchased a new stake in shares of Loop Industries during the 4th quarter valued at about $105,000. Handelsbanken Fonder AB purchased a new stake in shares of Loop Industries during the 1st quarter valued at about $158,000. Finally, BlackRock Inc. raised its position in shares of Loop Industries by 5.2% during the 4th quarter. BlackRock Inc. now owns 23,804 shares of the financial services provider’s stock valued at $185,000 after buying an additional 1,166 shares in the last quarter. 4.94% of the stock is owned by institutional investors and hedge funds.
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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