Loop Industries (NASDAQ:LOOP) Upgraded by Zacks Research to “Hold” Rating

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

Loop Industries Price Performance

NASDAQ:LOOP opened at $0.48 on Tuesday. The business’s 50-day moving average is $0.65 and its two-hundred day moving average is $1.03. Loop Industries has a 12 month low of $0.41 and a 12 month high of $1.99. The firm has a market capitalization of $23.44 million, a PE ratio of -1.86 and a beta of 1.46.

Loop Industries (NASDAQ:LOOP) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). The business had revenue of $0.18 million during the quarter, compared to the consensus estimate of $0.54 million. Equities analysts anticipate that Loop Industries will post -0.22 EPS for the current year.

Insider Activity

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

Institutional Trading of Loop Industries

Large investors have recently modified their holdings of the business. Susquehanna International Group LLP acquired a new position in shares of Loop Industries in the second quarter worth about $68,000. 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 valued at $53,000 after purchasing an additional 10,310 shares in the last quarter. Fifth Third Bancorp purchased a new position in shares of Loop Industries during the 1st quarter valued at approximately $215,000. Finally, 4WEALTH Advisors Inc. acquired a new stake in shares of Loop Industries during the first quarter worth approximately $38,000. 4.89% of the stock is currently owned by institutional investors and hedge funds.

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.