PureCycle Technologies, Inc. (NASDAQ:PCT) Receives Average Rating of “Buy” from Analysts

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) have been assigned an average recommendation of “Buy” from the seven research firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have issued a buy recommendation and three have given a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $15.00.

A number of research firms recently weighed in on PCT. Wall Street Zen lowered shares of PureCycle Technologies from a “hold” rating to a “sell” rating in a research note on Monday, July 21st. Cowen reissued a “buy” rating on shares of PureCycle Technologies in a research report on Friday, August 8th. Seaport Res Ptn raised shares of PureCycle Technologies to a “strong-buy” rating in a research report on Wednesday, October 22nd. Northland Capmk upgraded shares of PureCycle Technologies to a “strong-buy” rating in a research note on Tuesday, August 26th. Finally, Northland Securities started coverage on PureCycle Technologies in a research note on Wednesday, August 27th. They issued an “outperform” rating and a $16.00 price target on the stock.

Institutional Investors Weigh In On PureCycle Technologies

Several institutional investors have recently added to or reduced their stakes in PCT. CWM LLC increased its stake in PureCycle Technologies by 158.7% in the first quarter. CWM LLC now owns 4,960 shares of the company’s stock valued at $34,000 after purchasing an additional 3,043 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of PureCycle Technologies by 278.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,571 shares of the company’s stock valued at $35,000 after buying an additional 1,891 shares during the last quarter. Diversify Advisory Services LLC acquired a new stake in PureCycle Technologies during the 1st quarter worth $115,000. Skandinaviska Enskilda Banken AB publ raised its stake in PureCycle Technologies by 11.5% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 17,049 shares of the company’s stock worth $118,000 after acquiring an additional 1,753 shares in the last quarter. Finally, AlphaQuest LLC lifted its position in PureCycle Technologies by 1,892.9% in the first quarter. AlphaQuest LLC now owns 17,717 shares of the company’s stock valued at $123,000 after acquiring an additional 16,828 shares during the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Trading Up 3.5%

NASDAQ:PCT opened at $9.19 on Friday. PureCycle Technologies has a 12-month low of $5.40 and a 12-month high of $17.37. The firm has a market cap of $1.66 billion, a PE ratio of -6.29 and a beta of 2.01. The company has a current ratio of 2.24, a quick ratio of 2.07 and a debt-to-equity ratio of 5.21. The stock has a fifty day moving average price of $12.75 and a 200 day moving average price of $12.38.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.19). The business had revenue of $2.43 million during the quarter, compared to the consensus estimate of $6.04 million. Sell-side 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.