PureCycle Technologies (NASDAQ:PCT) Shares Up 7.1% – Here’s Why
by Tristan Rich · The Markets DailyPureCycle Technologies, Inc. (NASDAQ:PCT – Get Free Report)’s share price was up 7.1% during mid-day trading on Monday . The company traded as high as $5.79 and last traded at $5.8040. Approximately 877,337 shares changed hands during trading, a decline of 81% from the average daily volume of 4,614,781 shares. The stock had previously closed at $5.42.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on PCT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Thursday, January 22nd. Cantor Fitzgerald cut their price objective on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $13.00.
Read Our Latest Stock Analysis on PCT
PureCycle Technologies Trading Down 2.0%
The stock’s fifty day moving average price is $7.48 and its 200 day moving average price is $9.66. The stock has a market cap of $960.22 million, a P/E ratio of -4.43 and a beta of 2.10. The company has a current ratio of 2.26, a quick ratio of 2.15 and a debt-to-equity ratio of 7.62.
PureCycle Technologies (NASDAQ:PCT – Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.17). PureCycle Technologies had a negative return on equity of 204.74% and a negative net margin of 2,185.10%.The business had revenue of $2.70 million for the quarter, compared to the consensus estimate of $6.37 million. Equities research analysts expect that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.
Institutional Investors Weigh In On PureCycle Technologies
A number of institutional investors have recently modified their holdings of the stock. Simplify Asset Management Inc. raised its position in shares of PureCycle Technologies by 227.4% in the 4th quarter. Simplify Asset Management Inc. now owns 1,933,564 shares of the company’s stock worth $16,609,000 after purchasing an additional 1,342,955 shares during the last quarter. HRT Financial LP increased its stake in PureCycle Technologies by 208.2% during the 4th quarter. HRT Financial LP now owns 1,072,543 shares of the company’s stock valued at $9,213,000 after purchasing an additional 724,495 shares in the last quarter. Indivisible Partners purchased a new position in PureCycle Technologies in the fourth quarter worth about $5,803,000. Millennium Management LLC bought a new position in shares of PureCycle Technologies in the first quarter worth approximately $3,770,000. Finally, Bank of America Corp DE lifted its stake in shares of PureCycle Technologies by 583.2% in the third quarter. Bank of America Corp DE now owns 623,293 shares of the company’s stock worth $8,196,000 after buying an additional 532,062 shares in the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.
PureCycle Technologies Company Profile
PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra‐pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.
Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.