Brokerages Set PureCycle Technologies, Inc. (NASDAQ:PCT) Target Price at $15.00

PureCycle Technologies, Inc. (NASDAQ:PCT) has received a consensus recommendation of “Buy” from the seven brokerages that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $15.00.

PCT has been the subject of several analyst reports. Wall Street Zen lowered shares of PureCycle Technologies from a “hold” rating to a “sell” rating in a research report on Monday, July 21st. TD Cowen upgraded shares of PureCycle Technologies to a “strong-buy” rating in a research report on Monday, June 23rd. Northland Securities initiated coverage on shares of PureCycle Technologies in a research report on Wednesday, August 27th. They set an “outperform” rating and a $16.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of PureCycle Technologies in a research report on Saturday, September 27th. Finally, Northland Capmk upgraded shares of PureCycle Technologies to a “strong-buy” rating in a research report on Tuesday, August 26th.

PureCycle Technologies Stock Performance

NASDAQ PCT opened at $13.59 on Friday. The company has a 50-day simple moving average of $13.36 and a two-hundred day simple moving average of $11.14. 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 firm has a market cap of $2.45 billion, a price-to-earnings ratio of -8.04 and a beta of 2.01.

PureCycle Technologies (NASDAQ:PCT) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.12). The business had revenue of $1.65 million for the quarter, compared to analyst estimates of $4.10 million. On average, equities analysts forecast that PureCycle Technologies will post -1.01 EPS for the current year.

Institutional Trading of PureCycle Technologies

A number of institutional investors have recently modified their holdings of the company. Sylebra Capital LLC boosted its holdings in shares of PureCycle Technologies by 1.9% during the first quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company’s stock worth $235,817,000 after purchasing an additional 619,925 shares during the period. Vanguard Group Inc. boosted its holdings in shares of PureCycle Technologies by 4.7% during the first quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company’s stock worth $102,149,000 after purchasing an additional 660,837 shares during the period. Samlyn Capital LLC boosted its holdings in shares of 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. Geode Capital Management LLC boosted its holdings in shares of PureCycle Technologies by 2.2% during the second quarter. Geode Capital Management LLC now owns 3,391,126 shares of the company’s stock worth $46,465,000 after purchasing an additional 71,401 shares during the period. Finally, Duquesne Family Office LLC boosted its holdings in shares of 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 purchasing an additional 1,772,342 shares during the period. 63.01% of the stock is currently 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.