PureCycle Technologies, Inc. (NASDAQ:PCT) Receives $13.67 Average Price Target from Brokerages

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) have received an average rating of “Moderate Buy” from the seven ratings firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, three have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $13.6667.

A number of analysts recently issued reports on the company. Seaport Res Ptn raised PureCycle Technologies to a “strong-buy” rating in a report on Wednesday, October 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of PureCycle Technologies in a research report on Wednesday, October 8th. Finally, TD Cowen restated a “hold” rating and issued a $9.00 price objective (down from $16.00) on shares of PureCycle Technologies in a research report on Monday, November 24th.

PureCycle Technologies Stock Down 4.7%

PCT opened at $9.02 on Monday. PureCycle Technologies has a 12 month low of $5.40 and a 12 month high of $17.37. The company has a market cap of $1.63 billion, a PE ratio of -6.18 and a beta of 2.03. The company has a current ratio of 2.24, a quick ratio of 2.15 and a debt-to-equity ratio of 5.21. The company has a 50 day moving average of $9.12 and a 200 day moving average of $12.18.

PureCycle Technologies (NASDAQ:PCT) last posted its earnings results on Thursday, November 6th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.19). The business had revenue of $2.43 million during the quarter, compared to analysts’ expectations of $6.04 million. On average, sell-side analysts expect that PureCycle Technologies will post -1.01 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Sylebra Capital LLC raised its position in shares of PureCycle Technologies by 1.9% in the first quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company’s stock worth $235,817,000 after buying an additional 619,925 shares in the last quarter. Appian Way Asset Management LP increased its stake in PureCycle Technologies by 1.4% in the 3rd quarter. Appian Way Asset Management LP now owns 4,315,655 shares of the company’s stock worth $56,751,000 after acquiring an additional 59,676 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of PureCycle Technologies by 2.2% in the 2nd quarter. Geode Capital Management LLC now owns 3,391,126 shares of the company’s stock valued at $46,465,000 after acquiring an additional 71,401 shares in the last quarter. Gladstone Institutional Advisory LLC raised its holdings in shares of PureCycle Technologies by 1.4% in the 3rd quarter. Gladstone Institutional Advisory LLC now owns 3,243,160 shares of the company’s stock valued at $42,648,000 after acquiring an additional 44,817 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of PureCycle Technologies by 100.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,383,478 shares of the company’s stock valued at $18,954,000 after acquiring an additional 691,809 shares during the last quarter. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

About PureCycle Technologies

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.