PureCycle Technologies (NASDAQ:PCT) Shares Gap Up – Should You Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $10.20, but opened at $11.57. PureCycle Technologies shares last traded at $12.0250, with a volume of 2,834,062 shares.

Analyst Ratings Changes

PCT has been the topic of a number of analyst reports. TD Cowen dropped their price objective on PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. Cantor Fitzgerald dropped their price target on shares of PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, February 27th. Wall Street Zen cut shares of PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $12.00.

PureCycle Technologies Stock Up 20.4%

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 company has a market cap of $2.22 billion, a price-to-earnings ratio of -8.34 and a beta of 2.31. The firm has a 50-day moving average price of $6.49 and a 200 day moving average price of $8.48.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.05. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. The business had revenue of $4.13 million for the quarter, compared to the consensus estimate of $3.83 million. Sell-side analysts predict that PureCycle Technologies, Inc. will post -0.97 EPS for the current year.

Institutional Inflows and Outflows

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

PureCycle Technologies Company Profile

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.