PureCycle Technologies (NASDAQ:PCT) Trading 7.9% Higher – Should You Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s share price traded up 7.9% during mid-day trading on Wednesday . The stock traded as high as $13.82 and last traded at $13.8650. 4,081,531 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 4,553,337 shares. The stock had previously closed at $12.85.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. TD Cowen dropped their price objective on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Friday, May 8th. Wall Street Zen downgraded shares of PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 10th. Finally, Cantor Fitzgerald decreased their target price on shares of PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $12.00.

PureCycle Technologies Stock Up 2.3%

The firm has a market capitalization of $2.52 billion, a PE ratio of -9.49 and a beta of 2.48. The firm’s 50 day moving average price is $8.61 and its two-hundred day moving average price is $8.66. The company has a quick ratio of 1.57, a current ratio of 1.71 and a debt-to-equity ratio of 47.59.

PureCycle Technologies (NASDAQ:PCT) last announced its earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.05. The business had revenue of $4.13 million during the quarter, compared to the consensus estimate 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, research analysts forecast that PureCycle Technologies, Inc. will post -0.99 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PCT. Royal Bank of Canada boosted its stake in PureCycle Technologies by 62.4% during the 1st quarter. Royal Bank of Canada now owns 1,042,338 shares of the company’s stock valued at $7,213,000 after acquiring an additional 400,520 shares during the last quarter. AQR Capital Management LLC boosted its stake 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 during the last quarter. Integrated Wealth Concepts LLC boosted its stake 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 during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in PureCycle Technologies by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,249 shares of the company’s stock valued at $507,000 after acquiring an additional 3,161 shares during the last quarter. Finally, Millennium Management LLC bought a new position in PureCycle Technologies during the 1st quarter valued at $3,770,000. 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.