PureCycle Technologies’ (PCT) “Overweight” Rating Reiterated at Cantor Fitzgerald

by · The Markets Daily

Cantor Fitzgerald reiterated their overweight rating on shares of PureCycle Technologies (NASDAQ:PCT – Free Report) in a report issued on Tuesday, MarketBeat reports. They currently have a $16.00 price target on the stock, up from their previous price target of $12.00.

Other research analysts have also issued reports about the company. TD Cowen raised PureCycle Technologies to a “strong-buy” rating in a research report on Monday. Wall Street Zen upgraded PureCycle Technologies from a “sell” rating to a “hold” rating in a research note on Saturday, June 14th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, PureCycle Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $12.50.

View Our Latest Analysis on PCT

PureCycle Technologies Trading Up 0.9%

Shares of PCT stock opened at $14.00 on Tuesday. The firm’s 50-day simple moving average is $9.36 and its 200-day simple moving average is $9.10. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.55 and a quick ratio of 0.45. PureCycle Technologies has a 1-year low of $4.50 and a 1-year high of $15.58. The firm has a market cap of $2.51 billion, a P/E ratio of -11.97 and a beta of 1.80.

PureCycle Technologies (NASDAQ:PCT – Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.02). The company had revenue of $1.58 million for the quarter, compared to analysts’ expectations of $4.27 million. As a group, equities analysts forecast that PureCycle Technologies will post -1.01 EPS for the current year.

Hedge Funds Weigh In On PureCycle Technologies

Hedge funds have recently made changes to their positions in the business. Duquesne Family Office LLC boosted its position in PureCycle Technologies by 111.3% during the 1st quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company’s stock worth $23,285,000 after purchasing an additional 1,772,342 shares during the period. T. Rowe Price Investment Management Inc. acquired a new position in shares of PureCycle Technologies during the fourth quarter worth about $13,859,000. Samlyn Capital LLC boosted its position in shares of PureCycle Technologies by 19.1% in the first quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company’s stock worth $43,057,000 after buying an additional 997,337 shares during the period. Vanguard Group Inc. grew its stake in shares of 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 buying an additional 758,382 shares in the last quarter. Finally, Huntleigh Advisors Inc. acquired a new stake in shares of PureCycle Technologies in the first quarter valued at about $4,844,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Company Profile

(Get Free Report)

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.

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