Loop Industries (NASDAQ:LOOP) Downgraded to “Strong Sell” Rating by Zacks Research

Zacks Research cut shares of Loop Industries (NASDAQ:LOOP) from a hold rating to a strong sell rating in a research note published on Tuesday morning,Zacks.com reports.

Loop Industries Price Performance

Shares of LOOP stock opened at $0.72 on Tuesday. The company has a market cap of $34.84 million, a price-to-earnings ratio of -2.77 and a beta of 1.45. Loop Industries has a 1 year low of $0.71 and a 1 year high of $2.11. The firm has a fifty day moving average price of $0.97 and a 200-day moving average price of $1.19.

Loop Industries (NASDAQ:LOOP) last announced its earnings results 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 company had revenue of $0.18 million during the quarter, compared to the consensus estimate of $0.54 million. Equities research analysts expect that Loop Industries will post -0.22 EPS for the current year.

Institutional Investors Weigh In On Loop Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CacheTech Inc. lifted 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 purchasing an additional 10,310 shares in the last quarter. State Street Corp raised its position in shares of Loop Industries by 16.3% during the 4th quarter. State Street Corp now owns 88,340 shares of the financial services provider’s stock valued at $88,000 after purchasing an additional 12,400 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Loop Industries by 40.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 74,289 shares of the financial services provider’s stock valued at $74,000 after buying an additional 21,502 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Loop Industries during the 2nd quarter valued at $39,000. Finally, 4WEALTH Advisors Inc. bought a new position in Loop Industries in the 1st quarter worth $38,000. 4.89% of the stock is owned by hedge funds and other institutional investors.

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.