PureCycle Technologies, Inc. (NASDAQ:PCT) Given Average Rating of “Buy” by Brokerages

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) have been given a consensus rating of “Buy” by the eight brokerages that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have given a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $15.00.

Several brokerages have issued reports on PCT. Seaport Res Ptn upgraded shares of PureCycle Technologies to a “strong-buy” rating in a research report on Wednesday, October 22nd. Wall Street Zen downgraded shares of PureCycle Technologies from a “hold” rating to a “sell” rating in a research report on Monday, July 21st. Weiss Ratings restated a “sell (d-)” rating on shares of PureCycle Technologies in a research report on Saturday. Cowen restated a “buy” rating on shares of PureCycle Technologies in a research report on Friday, August 8th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $16.00 price objective on shares of PureCycle Technologies in a research report on Friday, August 8th.

Institutional Investors Weigh In On PureCycle Technologies

Hedge funds have recently bought and sold shares of the stock. CWM LLC lifted its position in PureCycle Technologies by 158.7% during the first quarter. CWM LLC now owns 4,960 shares of the company’s stock worth $34,000 after acquiring an additional 3,043 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of PureCycle Technologies by 278.1% during the second quarter. Nisa Investment Advisors LLC now owns 2,571 shares of the company’s stock worth $35,000 after purchasing an additional 1,891 shares during the period. KBC Group NV bought a new position in shares of PureCycle Technologies during the first quarter worth approximately $41,000. Kathmere Capital Management LLC bought a new position in shares of PureCycle Technologies during the first quarter worth approximately $69,000. Finally, LJI Wealth Management LLC bought a new position in shares of PureCycle Technologies during the first quarter worth approximately $86,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

PureCycle Technologies Trading Down 0.3%

Shares of NASDAQ:PCT opened at $13.10 on Wednesday. PureCycle Technologies has a 52-week low of $5.40 and a 52-week high of $17.37. The company has a market capitalization of $2.36 billion, a P/E ratio of -7.75 and a beta of 2.01. The company has a 50-day simple moving average of $13.56 and a 200 day simple moving average of $11.92. The company has a debt-to-equity ratio of 3.54, a quick ratio of 2.07 and a current ratio of 2.14.

PureCycle Technologies (NASDAQ:PCT) last issued its 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 company had revenue of $1.65 million for the quarter, compared to analyst estimates of $4.10 million. Sell-side analysts forecast that PureCycle Technologies will post -1.01 earnings per share for the current year.

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.