Loop Industries (NASDAQ:LOOP) Upgraded to “Buy” at ValuEngine

ValuEngine upgraded shares of Loop Industries (NASDAQ:LOOP) from a hold rating to a buy rating in a research note published on Saturday, ValuEngine reports.

Separately, HC Wainwright started coverage on shares of Loop Industries in a research note on Friday, April 26th. They issued a buy rating and a $12.00 price objective for the company.

LOOP opened at $9.30 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78. The firm’s 50 day moving average is $7.88. Loop Industries has a twelve month low of $5.69 and a twelve month high of $12.45. The stock has a market capitalization of $348.40 million, a PE ratio of -23.85 and a beta of 0.30.

Loop Industries (NASDAQ:LOOP) last announced its earnings results on Tuesday, May 7th. The financial services provider reported ($0.09) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.09). On average, equities analysts predict that Loop Industries will post -0.4 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake 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 worth $185,000 after purchasing an additional 1,166 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Loop Industries in the 4th quarter worth approximately $105,000. Scotia Capital Inc. boosted its holdings in Loop Industries by 167.0% in the 4th quarter. Scotia Capital Inc. now owns 73,065 shares of the financial services provider’s stock worth $568,000 after buying an additional 45,700 shares during the period. Northern Trust Corp bought a new position in Loop Industries in the 4th quarter worth approximately $105,000. Finally, Geode Capital Management LLC bought a new position in Loop Industries in the 4th quarter worth approximately $346,000. 5.52% of the stock is owned by hedge funds and other institutional investors.

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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