Loop Industries, Inc. (LOOP) Initiated with a Buy at H.C. Wainwright


Loop Industries, Inc. (LOOP) received a Buy rating and a $12 price target from H.C. Wainwright analyst Amit Dayal today. The company’s shares closed yesterday at $7.13, close to its 52-week low of $5.69.

Dayal commented:

“We believe more than 90% of the global plastic waste remains untreated and makes it way to oceans, rivers, and landfills, posing a worldwide environmental threat. Loop is commercializing a solution that enables infinite recycling of this existing waste. The company’s patented, solvent based depolymerization technology breaks down waste PET feedstock into individual molecules that are then purified and re-polymerized to create virgin quality PET plastic that meets FDA requirements for use in food grade packaging. Addressing an immediate environmental threat. Plastic is an easily accessible and economical material that is deeply entrenched across all industries. Market reports indicate that annual global demand for PET is set to grow to 85M metric tons by 2022 from 70M metric tons in 2017.”

According to TipRanks.com, Dayal has 0 stars on 0-5 star ranking scale with an average return of -2.8% and a 45.8% success rate. Dayal covers the Consumer Goods sector, focusing on stocks such as Superconductor Technologies Inc, Westport Fuel Systems Inc, and AgroFresh Solutions Inc.

The the analyst consensus on Loop Industries, Inc. is currently a Hold rating.

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Based on Loop Industries, Inc.’s latest earnings release for the quarter ending November 30, the company reported a quarterly GAAP net loss of $2.91 million. In comparison, last year the company had a GAAP net loss of $3.63 million.

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Loop Industries, Inc. engages in the manufacture of purified terephthalic acid and ethylene glycol. It produces chemicals for the polyethylene terephthalate plastic which is found in beverage bottles, consumer packaging, and polyester fiber. The company was founded by Daniel Solomita and is headquartered in Terrebonne, Canada.

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