PureCycle Technologies’ (PCT) “Hold” Rating Reaffirmed at TD Cowen

TD Cowen reaffirmed their hold rating on shares of PureCycle Technologies (NASDAQ:PCT) in a report published on Monday morning, Marketbeat.com reports. They currently have a $9.00 target price on the stock, down from their prior target price of $16.00.

Other analysts also recently issued research reports about the stock. Seaport Res Ptn upgraded shares of PureCycle Technologies to a “strong-buy” rating in a report on Wednesday, October 22nd. Cowen restated a “buy” rating on shares of PureCycle Technologies in a research report on Friday, August 8th. Northland Securities assumed coverage on PureCycle Technologies in a report on Wednesday, August 27th. They issued an “outperform” rating and a $16.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $16.00 price objective on shares of PureCycle Technologies in a research report on Friday, August 8th. Finally, Northland Capmk upgraded PureCycle Technologies to a “strong-buy” rating in a report on Tuesday, August 26th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $13.67.

PureCycle Technologies Stock Up 1.0%

NASDAQ PCT opened at $8.37 on Monday. The business has a fifty day moving average price of $12.15 and a 200 day moving average price of $12.49. The company has a debt-to-equity ratio of 5.21, a quick ratio of 2.15 and a current ratio of 2.24. The company has a market cap of $1.51 billion, a P/E ratio of -5.73 and a beta of 2.01. PureCycle Technologies has a one year low of $5.40 and a one year high of $17.37.

PureCycle Technologies (NASDAQ:PCT) last released its earnings results on Thursday, November 6th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.19). The firm had revenue of $2.43 million for the quarter, compared to analyst estimates of $6.04 million. Research analysts anticipate that PureCycle Technologies will post -1.01 EPS for the current fiscal year.

Institutional Investors Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in PCT. CIBC Bancorp USA Inc. acquired a new stake in PureCycle Technologies in the 3rd quarter valued at approximately $182,000. Advisory Services Network LLC purchased a new position in shares of PureCycle Technologies during the third quarter worth $35,000. Dark Forest Capital Management LP boosted its position in shares of PureCycle Technologies by 605.4% during the third quarter. Dark Forest Capital Management LP now owns 190,315 shares of the company’s stock worth $2,503,000 after buying an additional 163,337 shares during the period. XTX Topco Ltd acquired a new stake in shares of PureCycle Technologies in the third quarter valued at $723,000. Finally, National Bank of Canada FI raised its holdings in shares of PureCycle Technologies by 12.7% in the 3rd quarter. National Bank of Canada FI now owns 19,980 shares of the company’s stock valued at $263,000 after buying an additional 2,254 shares during the period. 63.01% of the stock is owned by hedge funds and other institutional investors.

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.