Loop Industries (NASDAQ:LOOP) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Friday, BidAskClub reports.

Several other research firms have also commented on LOOP. ValuEngine upgraded shares of Loop Industries from a “hold” rating to a “buy” rating in a research note on Friday, July 3rd. HC Wainwright restated a “buy” rating and set a $15.00 price target on shares of Loop Industries in a research note on Thursday, July 16th. Finally, Zacks Investment Research downgraded shares of Loop Industries from a “buy” rating to a “hold” rating in a report on Wednesday, July 22nd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $13.00.

Shares of NASDAQ:LOOP traded up $0.28 during trading on Friday, hitting $10.29. 115,011 shares of the company were exchanged, compared to its average volume of 38,368. The company has a quick ratio of 20.53, a current ratio of 20.53 and a debt-to-equity ratio of 0.06. Loop Industries has a 1-year low of $6.05 and a 1-year high of $18.65. The company has a market capitalization of $410.75 million, a P/E ratio of -27.08 and a beta of 0.78. The business’s 50 day moving average is $9.41 and its 200-day moving average is $8.95.

Loop Industries (NASDAQ:LOOP) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported ($0.10) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.10). As a group, sell-side analysts anticipate that Loop Industries will post -0.41 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the business. Ladenburg Thalmann Financial Services Inc. purchased a new position in shares of Loop Industries in the fourth quarter valued at about $28,000. UBS Group AG increased its position in shares of Loop Industries by 95.9% in the second quarter. UBS Group AG now owns 5,085 shares of the financial services provider’s stock valued at $46,000 after acquiring an additional 2,489 shares during the period. Morgan Stanley increased its position in shares of Loop Industries by 52.1% in the first quarter. Morgan Stanley now owns 27,407 shares of the financial services provider’s stock valued at $200,000 after acquiring an additional 9,390 shares during the period. Renaissance Technologies LLC increased its position in shares of Loop Industries by 42.0% in the fourth quarter. Renaissance Technologies LLC now owns 24,000 shares of the financial services provider’s stock valued at $238,000 after acquiring an additional 7,100 shares during the period. Finally, Candriam Luxembourg S.C.A. purchased a new position in shares of Loop Industries in the second quarter valued at about $792,000. Hedge funds and other institutional investors own 9.63% 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.

Further Reading: How are Outstanding Shares Different from Authorized Shares?

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