PureCycle Technologies (NASDAQ:PCT) Upgraded to “Strong-Buy” at Seaport Res Ptn

PureCycle Technologies (NASDAQ:PCT) was upgraded by equities research analysts at Seaport Res Ptn to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other research analysts also recently weighed in on PCT. Cowen reiterated a “buy” rating on shares of PureCycle Technologies in a report on Friday, August 8th. Wall Street Zen lowered PureCycle Technologies from a “hold” rating to a “sell” rating in a research report on Monday, July 21st. Northland Securities initiated coverage on shares of PureCycle Technologies in a research note on Wednesday, August 27th. They set an “outperform” rating and a $16.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $16.00 target price on shares of PureCycle Technologies in a research note on Friday, August 8th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of PureCycle Technologies in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $15.00.

PureCycle Technologies Stock Performance

Shares of PCT opened at $12.94 on Wednesday. PureCycle Technologies has a 12-month low of $5.40 and a 12-month high of $17.37. The company has a current ratio of 2.14, a quick ratio of 2.07 and a debt-to-equity ratio of 3.54. The company has a market cap of $2.33 billion, a PE ratio of -7.66 and a beta of 2.01. The stock has a 50-day moving average price of $13.57 and a 200-day moving average price of $11.74.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates 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. As a group, equities analysts forecast that PureCycle Technologies will post -1.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PureCycle Technologies

A number of institutional investors have recently bought and sold shares of PCT. KBC Group NV purchased a new stake in PureCycle Technologies in the first quarter worth about $41,000. Koshinski Asset Management Inc. purchased a new stake in shares of PureCycle Technologies in the first quarter worth $89,000. Teacher Retirement System of Texas purchased a new stake in shares of PureCycle Technologies in the first quarter worth $131,000. Huntleigh Advisors Inc. bought a new stake in shares of PureCycle Technologies during the 1st quarter valued at $4,844,000. Finally, Envestnet Asset Management Inc. lifted its stake in shares of PureCycle Technologies by 123.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 68,759 shares of the company’s stock valued at $476,000 after buying an additional 37,985 shares in the last quarter. 63.01% of the stock is owned by institutional investors.

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.