Loop Industries Inc (LOOP) Receives a Buy from H.C. Wainwright

By Austin Angelo

H.C. Wainwright analyst Amit Dayal maintained a Buy rating on Loop Industries Inc (LOOPResearch Report) today and set a price target of $12. The company’s shares closed yesterday at $11.

Dayal said:

“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.”

According to TipRanks.com, Dayal is a 4-star analyst with an average return of 5.7% and a 48.5% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Advanced Emissions Solutions, Inc., Ballard Power Systems, and Orion Energy Systems.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Loop Industries Inc with a $12 average price target.

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Based on Loop Industries Inc’s latest earnings release for the quarter ending May 31, the company reported a quarterly GAAP net loss of $3.55 million. In comparison, last year the company had a GAAP net loss of $3.53 million.

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Loop Industries, Inc. is a technology and licensing company, which engages in owning patented and proprietary technology that depolymerizes no and low value waste polyethylene terephthalate (PET) plastic and polyester fiber. It produces LOOP branded PET plastic resin which is found in water bottles, consumer packaging, and carpets.