PureCycle Technologies, Inc. (NASDAQ:PCT) Given Consensus Recommendation of “Buy” by Brokerages

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) have earned an average recommendation of “Buy” from the seven analysts that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $15.00.

PCT has been the topic of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of PureCycle Technologies in a report on Wednesday, October 8th. Cantor Fitzgerald restated an “overweight” rating and set a $16.00 target price on shares of PureCycle Technologies in a report on Friday, August 8th. Northland Capmk upgraded shares of PureCycle Technologies to a “strong-buy” rating in a report on Tuesday, August 26th. Cowen restated a “buy” rating on shares of PureCycle Technologies in a report on Friday, August 8th. Finally, Wall Street Zen downgraded shares of PureCycle Technologies from a “hold” rating to a “sell” rating in a report on Monday, July 21st.

Hedge Funds Weigh In On PureCycle Technologies

A number of institutional investors have recently added to or reduced their stakes in PCT. Duquesne Family Office LLC increased its holdings in PureCycle Technologies by 111.3% during the first quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company’s stock worth $23,285,000 after buying an additional 1,772,342 shares during the last quarter. Samlyn Capital LLC boosted its position in PureCycle Technologies by 19.1% during the first quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company’s stock worth $43,057,000 after purchasing an additional 997,337 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in PureCycle Technologies by 66.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 2,249,781 shares of the company’s stock worth $15,569,000 after purchasing an additional 897,694 shares during the period. Huntleigh Advisors Inc. bought a new position in PureCycle Technologies during the first quarter worth $4,844,000. Finally, PNC Financial Services Group Inc. boosted its position in PureCycle Technologies by 100.0% during the second quarter. PNC Financial Services Group Inc. now owns 1,383,478 shares of the company’s stock worth $18,954,000 after purchasing an additional 691,809 shares during the period. 63.01% of the stock is currently owned by institutional investors and hedge funds.

PureCycle Technologies Price Performance

NASDAQ PCT opened at $13.13 on Wednesday. The company has a quick ratio of 2.07, a current ratio of 2.14 and a debt-to-equity ratio of 3.54. PureCycle Technologies has a 12-month low of $5.40 and a 12-month high of $17.37. The company has a market capitalization of $2.36 billion, a PE ratio of -7.77 and a beta of 2.01. The firm’s 50 day moving average is $13.58 and its 200-day moving average is $11.73.

PureCycle Technologies (NASDAQ:PCT) last posted 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. Equities research analysts anticipate that PureCycle Technologies will post -1.01 earnings per share for the current fiscal year.

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.