Loop Industries (NASDAQ:LOOP) Earns “Buy” Rating from HC Wainwright

Loop Industries (NASDAQ:LOOP)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a research note issued on Friday, AnalystRatings.com reports. They currently have a $12.00 price objective on the financial services provider’s stock. HC Wainwright’s price objective would indicate a potential downside of 0.99% from the stock’s current price.

The analysts wrote, “In addition to the Spartanburg facility, we expect the company to build at least one more JV facility, and at least two greenfield Waste-to-Resin (WtR) facilities, within the next three to five years.””

Separately, ValuEngine upgraded shares of Zumiez from a “sell” rating to a “hold” rating in a research report on Saturday, June 22nd.

Shares of NASDAQ LOOP opened at $12.12 on Friday. The company has a quick ratio of 0.78, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. Loop Industries has a 52-week low of $5.69 and a 52-week high of $14.45. The company has a 50 day simple moving average of $9.37.

Loop Industries (NASDAQ:LOOP) last announced its quarterly earnings results on Tuesday, May 7th. The financial services provider reported ($0.09) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.09). As a group, research analysts expect that Loop Industries will post -0.4 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. boosted its stake in Loop Industries by 5.2% during the fourth quarter. BlackRock Inc. now owns 23,804 shares of the financial services provider’s stock worth $185,000 after acquiring an additional 1,166 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Loop Industries during the fourth quarter worth $105,000. Northern Trust Corp bought a new position in Loop Industries during the fourth quarter worth $105,000. Geode Capital Management LLC bought a new position in Loop Industries during the fourth quarter worth $346,000. Finally, Handelsinvest Investeringsforvaltning bought a new position in Loop Industries during the first quarter worth $79,000. Institutional investors own 5.52% of the company’s stock.

Loop Industries Company Profile

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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