PureCycle Technologies (NASDAQ:PCT) Stock Price Up 11% – Here’s Why

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) traded up 11% on Wednesday . The company traded as high as $7.43 and last traded at $7.5060. 798,179 shares changed hands during trading, a decline of 84% from the average session volume of 4,958,784 shares. The stock had previously closed at $6.76.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Wall Street Zen downgraded PureCycle Technologies from a “sell” rating to a “strong sell” rating in a report on Sunday, May 10th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PureCycle Technologies in a research note on Friday, June 5th. Northland Securities set a $13.00 price target on shares of PureCycle Technologies in a report on Friday, June 12th. TD Cowen cut their price target on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a report on Friday, May 8th. Finally, Alembic Global Advisors set a $16.00 price objective on shares of PureCycle Technologies in a research note on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.25.

PureCycle Technologies Stock Down 13.6%

The stock has a market capitalization of $1.10 billion, a PE ratio of -4.14 and a beta of 2.50. The firm has a 50 day moving average of $9.74 and a two-hundred day moving average of $8.56. The company has a current ratio of 1.71, a quick ratio of 1.57 and a debt-to-equity ratio of 47.59.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 393.01% and a negative net margin of 2,062.36%. Equities research analysts anticipate that PureCycle Technologies, Inc. will post -1 earnings per share for the current year.

Institutional Investors Weigh In On PureCycle Technologies

Several institutional investors and hedge funds have recently made changes to their positions in PCT. Royal Bank of Canada boosted its position in shares of PureCycle Technologies by 62.4% in the 1st quarter. Royal Bank of Canada now owns 1,042,338 shares of the company’s stock worth $7,213,000 after buying an additional 400,520 shares in the last quarter. AQR Capital Management LLC increased its holdings in PureCycle Technologies by 67.9% during the 1st quarter. AQR Capital Management LLC now owns 20,963 shares of the company’s stock valued at $145,000 after acquiring an additional 8,478 shares in the last quarter. Integrated Wealth Concepts LLC increased its holdings in PureCycle Technologies by 4.3% during the 1st quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company’s stock valued at $253,000 after acquiring an additional 1,516 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in PureCycle Technologies by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,249 shares of the company’s stock worth $507,000 after acquiring an additional 3,161 shares during the last quarter. Finally, Millennium Management LLC acquired a new position in PureCycle Technologies during the first quarter worth about $3,770,000. 63.01% of the stock is currently owned by hedge funds and other 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.