Brokerages Set PureCycle Technologies, Inc. (NASDAQ:PCT) Price Target at $15.00

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) have been assigned a consensus rating of “Buy” from the six brokerages that are presently covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $15.00.

Several equities research analysts have recently weighed in on the stock. Cowen reaffirmed a “buy” rating on shares of PureCycle Technologies in a report on Friday, August 8th. Northland Capmk raised shares of PureCycle Technologies to a “strong-buy” rating in a report on Tuesday, August 26th. Northland Securities assumed coverage on shares of PureCycle Technologies in a report on Wednesday, August 27th. They issued an “outperform” rating and a $16.00 target price on the stock. Wall Street Zen lowered shares of PureCycle Technologies from a “hold” rating to a “sell” rating in a report on Monday, July 21st. Finally, TD Cowen raised shares of PureCycle Technologies to a “strong-buy” rating in a report on Monday, June 23rd.

PureCycle Technologies Trading Down 0.8%

Shares of PCT stock opened at $13.16 on Tuesday. 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 $2.37 billion, a price-to-earnings ratio of -7.79 and a beta of 2.01. The company has a debt-to-equity ratio of 3.54, a quick ratio of 2.07 and a current ratio of 2.14. The firm has a fifty day moving average of $14.06 and a 200-day moving average of $10.49.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings data 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 firm had revenue of $1.65 million for the quarter, compared to the consensus estimate of $4.10 million. On average, equities research analysts forecast that PureCycle Technologies will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PureCycle Technologies

Large investors have recently made changes to their positions in the company. Deutsche Bank AG grew its holdings in shares of PureCycle Technologies by 36.4% in the 4th quarter. Deutsche Bank AG now owns 111,525 shares of the company’s stock worth $1,143,000 after purchasing an additional 29,782 shares during the last quarter. Cetera Investment Advisers lifted its position in PureCycle Technologies by 22.6% during the 4th quarter. Cetera Investment Advisers now owns 60,988 shares of the company’s stock worth $625,000 after buying an additional 11,261 shares in the last quarter. California State Teachers Retirement System lifted its position in PureCycle Technologies by 3.8% during the 4th quarter. California State Teachers Retirement System now owns 113,708 shares of the company’s stock worth $1,166,000 after buying an additional 4,170 shares in the last quarter. Huntleigh Advisors Inc. acquired a new position in PureCycle Technologies during the 1st quarter worth about $4,844,000. Finally, Nuveen LLC acquired a new position in PureCycle Technologies during the 1st quarter worth about $2,306,000. Institutional investors 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.