PureCycle Technologies (NASDAQ:PCT) Shares Up 6.3% – Still a Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT) traded up 6.3% on Friday . The company traded as high as $6.23 and last traded at $6.1950. 1,347,699 shares changed hands during trading, a decline of 71% from the average session volume of 4,710,307 shares. The stock had previously closed at $5.83.

Analysts Set New Price Targets

PCT has been the topic of a number of recent analyst reports. Northland Securities set a $13.00 target price on PureCycle Technologies in a research report on Friday, June 12th. Cantor Fitzgerald decreased their price target on shares of PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PureCycle Technologies in a report on Wednesday, September 2nd. 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 Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $11.75.

PureCycle Technologies Stock Performance

The company has a fifty day moving average of $6.66 and a two-hundred day moving average of $7.61. The stock has a market capitalization of $1.21 billion, a P/E ratio of -4.12 and a beta of 2.57. The company has a debt-to-equity ratio of 27.37, a current ratio of 2.60 and a quick ratio of 2.42.

PureCycle Technologies (NASDAQ:PCT) last issued its earnings results on Thursday, August 6th. The company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.51). PureCycle Technologies had a negative return on equity of 612.39% and a negative net margin of 1,618.84%.The firm had revenue of $4.51 million during the quarter, compared to analyst estimates of $6.11 million. On average, equities analysts anticipate that PureCycle Technologies, Inc. will post -0.9 EPS for the current year.

Insider Transactions at PureCycle Technologies

In other PureCycle Technologies news, Director Fernando Musa acquired 15,479 shares of the firm’s stock in a transaction on Friday, September 4th. The stock was purchased at an average price of $6.38 per share, with a total value of $98,756.02. Following the completion of the acquisition, the director directly owned 175,983 shares in the company, valued at $1,122,771.54. This trade represents a 9.64% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 18.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Cassaday & Co Wealth Management LLC bought a new stake in shares of PureCycle Technologies during the 1st quarter valued at about $33,000. Larson Financial Group LLC lifted its holdings in PureCycle Technologies by 6,571.8% in the third quarter. Larson Financial Group LLC now owns 2,602 shares of the company’s stock worth $34,000 after acquiring an additional 2,563 shares during the last quarter. Advisory Services Network LLC acquired a new position in PureCycle Technologies in the third quarter valued at approximately $35,000. SHP Wealth Management acquired a new position in PureCycle Technologies in the fourth quarter valued at approximately $43,000. Finally, Sigma Planning Corp bought a new position in shares of PureCycle Technologies during the first quarter valued at approximately $53,000. 63.01% of the stock is currently owned by institutional investors.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc is a chemical recycling company that develops and operates technology designed to convert waste polypropylene plastic into recycled polypropylene resin. Unlike conventional mechanical recycling, which can leave behind colors, odors and other contaminants, PureCycle’s proprietary purification process is intended to separate impurities from polypropylene and produce a recycled material with properties similar to virgin resin.

The company’s products are recycled polypropylene pellets and related materials that can be used in applications such as packaging, consumer products, automotive components and other molded plastic goods.