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 report issued on Tuesday,Zacks.com reports.

Loop Industries Price Performance

NASDAQ:LOOP opened at $0.72 on Tuesday. The firm 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 one year low of $0.71 and a one year high of $2.11. The company’s 50-day simple moving average is $0.97 and its 200 day simple moving average is $1.19.

Loop Industries (NASDAQ:LOOP) last announced its earnings results on Tuesday, July 14th. The financial services provider reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). The business had revenue of $0.18 million for the quarter, compared to analyst estimates of $0.54 million. On average, equities research analysts expect that Loop Industries will post -0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in LOOP. XTX Topco Ltd bought a new stake in Loop Industries in the fourth quarter worth $32,000. 4WEALTH Advisors Inc. bought a new position in shares of Loop Industries during the first quarter valued at $38,000. Jane Street Group LLC bought a new position in shares of Loop Industries during the second quarter valued at $39,000. Susquehanna International Group LLP purchased a new position in shares of Loop Industries in the 3rd quarter worth about $49,000. Finally, CacheTech Inc. raised its position 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 during the last quarter. Hedge funds and other 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.