HC Wainwright Increases Loop Industries (NASDAQ:LOOP) Price Target to $15.00

Loop Industries (NASDAQ:LOOP) had its target price boosted by equities research analysts at HC Wainwright from $12.00 to $15.00 in a research note issued on Wednesday, The Fly reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. HC Wainwright’s price target would indicate a potential upside of 45.71% from the stock’s current price.

A number of other research firms also recently weighed in on LOOP. Zacks Investment Research downgraded Loop Industries from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. ValuEngine downgraded Loop Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd.

NASDAQ:LOOP opened at $10.29 on Wednesday. The stock has a fifty day moving average price of $14.31 and a 200-day moving average price of $10.64. The company has a market cap of $405.31 million, a price-to-earnings ratio of -26.40 and a beta of 0.55. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.16 and a current ratio of 1.16. Loop Industries has a fifty-two week low of $5.69 and a fifty-two week high of $18.65.

Loop Industries (NASDAQ:LOOP) last released its earnings results on Monday, July 8th. The financial services provider reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). Research analysts predict that Loop Industries will post -0.4 EPS for the current fiscal year.

In other news, Director Sidney Mortimer Horn sold 5,000 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $12.00, for a total transaction of $60,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 55.14% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its position in shares of Loop Industries by 83.0% during the 2nd quarter. Royal Bank of Canada now owns 6,835 shares of the financial services provider’s stock valued at $68,000 after acquiring an additional 3,100 shares during the period. Handelsinvest Investeringsforvaltning raised its holdings in shares of Loop Industries by 200.0% during the 2nd quarter. Handelsinvest Investeringsforvaltning now owns 30,000 shares of the financial services provider’s stock worth $297,000 after buying an additional 20,000 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Loop Industries by 1.8% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 47,375 shares of the financial services provider’s stock worth $469,000 after buying an additional 825 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Loop Industries by 6.3% during the 2nd quarter. BlackRock Inc. now owns 66,720 shares of the financial services provider’s stock worth $660,000 after buying an additional 3,941 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its holdings in shares of Loop Industries by 633.1% during the 2nd quarter. Handelsbanken Fonder AB now owns 146,625 shares of the financial services provider’s stock worth $1,450,000 after buying an additional 126,625 shares in the last quarter. Hedge funds and other institutional investors own 4.92% of the company’s stock.

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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