PureCycle Technologies (NASDAQ:PCT) Trading 9.4% Higher – Time to Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT) rose 9.4% during mid-day trading on Wednesday . The stock traded as high as $8.88 and last traded at $8.9610. 3,225,966 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 4,976,624 shares. The stock had previously closed at $8.19.

Analysts Set New Price Targets

A number of research analysts have recently commented on PCT shares. Alembic Global Advisors set a $16.00 price objective on shares of PureCycle Technologies in a research report on Tuesday. Cantor Fitzgerald decreased their target price on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, February 27th. Northland Securities set a $13.00 price target on PureCycle Technologies in a research note on Friday, June 12th. Wall Street Zen cut PureCycle Technologies from a “sell” rating to a “strong sell” rating in a report on Sunday, May 10th. Finally, TD Cowen reduced their price objective on PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, PureCycle Technologies has a consensus rating of “Moderate Buy” and an average target price of $12.25.

PureCycle Technologies Stock Performance

The company has a debt-to-equity ratio of 47.59, a current ratio of 1.71 and a quick ratio of 1.57. The firm has a market cap of $1.57 billion, a P/E ratio of -5.92 and a beta of 2.48. The stock’s 50 day moving average is $9.49 and its two-hundred day moving average is $8.75.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.05. The firm had revenue of $4.13 million during the quarter, compared to analysts’ expectations of $3.83 million. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. As a group, equities analysts predict that PureCycle Technologies, Inc. will post -0.97 EPS for the current year.

Institutional Trading of PureCycle Technologies

A number of large investors have recently bought and sold shares of the stock. NewEdge Advisors LLC raised its stake in PureCycle Technologies by 43.5% during the first quarter. NewEdge Advisors LLC now owns 169,323 shares of the company’s stock worth $879,000 after acquiring an additional 51,290 shares in the last quarter. California State Teachers Retirement System boosted its stake in shares of PureCycle Technologies by 43.2% in the 1st quarter. California State Teachers Retirement System now owns 181,015 shares of the company’s stock valued at $939,000 after purchasing an additional 54,650 shares in the last quarter. Rokos Capital Management LLP bought a new stake in shares of PureCycle Technologies in the 1st quarter worth about $7,526,000. Quantinno Capital Management LP grew its holdings in shares of PureCycle Technologies by 707.8% in the 1st quarter. Quantinno Capital Management LP now owns 428,534 shares of the company’s stock worth $2,224,000 after purchasing an additional 375,486 shares during the last quarter. Finally, Waverly Advisors LLC acquired a new stake in shares of PureCycle Technologies during the 1st quarter worth about $99,000. 63.01% of the stock is currently owned by institutional investors.

About PureCycle Technologies

PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra?pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.

Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.