PureCycle Technologies (NASDAQ:PCT) Downgraded to “Sell” Rating by Wall Street Zen

PureCycle Technologies (NASDAQ:PCT) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Monday.

Other research analysts have also recently issued reports about the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $16.00 price objective (up from $12.00) on shares of PureCycle Technologies in a report on Tuesday, June 24th. TD Cowen raised PureCycle Technologies to a “strong-buy” rating in a research note on Monday, June 23rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $12.50.

PureCycle Technologies Trading Up 2.5%

Shares of PCT opened at $16.92 on Monday. PureCycle Technologies has a 52-week low of $4.50 and a 52-week high of $17.37. The stock has a market cap of $3.04 billion, a PE ratio of -14.46 and a beta of 1.90. The firm’s fifty day moving average is $11.97 and its two-hundred day moving average is $9.49. The company has a quick ratio of 0.45, a current ratio of 0.55 and a debt-to-equity ratio of 1.43.

PureCycle Technologies (NASDAQ:PCT) last released its earnings results on Wednesday, May 7th. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.02). The business had revenue of $1.58 million for the quarter, compared to analyst estimates of $4.27 million. Research analysts forecast that PureCycle Technologies will post -1.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Duquesne Family Office LLC increased its stake in PureCycle Technologies by 111.3% in the first quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company’s stock valued at $23,285,000 after purchasing an additional 1,772,342 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in PureCycle Technologies during the 4th quarter worth $13,859,000. Samlyn Capital LLC lifted its position in PureCycle Technologies by 19.1% in the first quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company’s stock valued at $43,057,000 after acquiring an additional 997,337 shares during the last quarter. Vanguard Group Inc. boosted its stake in PureCycle Technologies by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 14,100,507 shares of the company’s stock valued at $144,530,000 after acquiring an additional 758,382 shares in the last quarter. Finally, Huntleigh Advisors Inc. purchased a new position in shares of PureCycle Technologies during the first quarter worth about $4,844,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Company Profile

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.