Raymond James Lowers Loop Industries (NASDAQ:LOOP) Price Target to $8.00

Loop Industries (NASDAQ:LOOP – Get Rating) had its price target decreased by Raymond James from $10.00 to $8.00 in a research report report published on Tuesday, BayStreet.CA reports. Raymond James currently has an outperform rating on the financial services provider’s stock.

Loop Industries Price Performance

Shares of NASDAQ LOOP opened at $2.99 on Tuesday. The business’s 50 day moving average price is $2.89 and its 200 day moving average price is $2.66. The firm has a market cap of $142.08 million, a P/E ratio of -6.64 and a beta of 1.50. Loop Industries has a 52 week low of $1.85 and a 52 week high of $7.23. The company has a quick ratio of 9.96, a current ratio of 10.16 and a debt-to-equity ratio of 0.10.

Institutional Investors Weigh In On Loop Industries

A number of large investors have recently bought and sold shares of LOOP. CI Private Wealth LLC purchased a new position in shares of Loop Industries during the fourth quarter worth $582,000. Candriam S.C.A. boosted its stake in shares of Loop Industries by 117.5% in the first quarter. Candriam S.C.A. now owns 413,327 shares of the financial services provider’s stock worth $1,309,000 after buying an additional 223,327 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Loop Industries by 11.8% in the second quarter. Millennium Management LLC now owns 623,212 shares of the financial services provider’s stock worth $2,418,000 after buying an additional 66,025 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in shares of Loop Industries in the first quarter worth about $518,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Loop Industries in the fourth quarter worth about $129,000. Hedge funds and other institutional investors own 11.36% of the company’s stock.

Loop Industries Company Profile

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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; and polyester fibers comprising carpets and clothing for textile applications to consumer goods companies The company was founded by Daniel Solomita in March 2010 and is headquartered in Terrebonne, Canada.