PureCycle Technologies (NASDAQ:PCT) Raised to Strong-Buy at Northland Capmk

PureCycle Technologies (NASDAQ:PCT) was upgraded by equities research analysts at Northland Capmk to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. Cowen restated a “buy” rating on shares of PureCycle Technologies in a research report on Friday, August 8th. Northland Securities began coverage on PureCycle Technologies in a research note on Wednesday. They issued an “outperform” rating and a $16.00 price objective for the company. TD Cowen upgraded PureCycle Technologies to a “strong-buy” rating in a report on Monday, June 23rd. Wall Street Zen cut shares of PureCycle Technologies from a “hold” rating to a “sell” rating in a research note on Monday, July 21st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $16.00 target price on shares of PureCycle Technologies in a research report on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $15.00.

PureCycle Technologies Price Performance

NASDAQ:PCT opened at $14.86 on Tuesday. The company has a quick ratio of 2.07, a current ratio of 2.14 and a debt-to-equity ratio of 3.54. PureCycle Technologies has a 52 week low of $4.50 and a 52 week high of $17.37. The stock’s 50-day moving average price is $14.02 and its 200-day moving average price is $10.29. The stock has a market capitalization of $2.68 billion, a PE ratio of -8.79 and a beta of 1.94.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.12). The business had revenue of $1.65 million during the quarter, compared to the consensus estimate of $4.10 million. As a group, equities analysts expect that PureCycle Technologies will post -1.01 EPS for the current fiscal year.

Institutional Trading of PureCycle Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC lifted its holdings in PureCycle Technologies by 278.1% in the second quarter. Nisa Investment Advisors LLC now owns 2,571 shares of the company’s stock valued at $35,000 after acquiring an additional 1,891 shares during the last quarter. NBC Securities Inc. acquired a new stake in PureCycle Technologies during the first quarter worth $25,000. CWM LLC increased its stake in PureCycle Technologies by 158.7% during the first quarter. CWM LLC now owns 4,960 shares of the company’s stock worth $34,000 after acquiring an additional 3,043 shares during the last quarter. KBC Group NV purchased a new stake in PureCycle Technologies in the first quarter valued at $41,000. Finally, Kathmere Capital Management LLC acquired a new position in shares of PureCycle Technologies in the 1st quarter valued at $69,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

About PureCycle Technologies

PureCycle Technologies, Inc engages in the production of recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled polypropylene resin that has multiple applications, including packaging and labeling for consumer products, piping, ropes, cabling, and plastic parts for various industries.