H.C. Wainwright analyst Amit Dayal maintained a Buy rating on Loop Industries Inc (LOOP) today and set a price target of $12. The company’s shares opened today at $8.20.
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. After the first plant is completely operational, and work on the second plant is underway in FY22, we expect Loop to be in a position to implement its licensing business model. We expect to see revenues from development fees beginning in FY22 and royalty revenue from licensing partners’ PET sales beginning in FY24.”
According to TipRanks.com, Dayal is a 4-star analyst with an average return of 2.3% and a 46.6% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Advanced Emissions Solutions, Inc., Ballard Power Systems, and Orion Energy Systems.
Loop Industries Inc has an analyst consensus of Moderate Buy, with a price target consensus of $12.
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Based on Loop Industries Inc’s latest earnings release for the quarter ending February 28, the company reported a quarterly GAAP net loss of $7.55 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.
