PureCycle Technologies (NASDAQ:PCT) Announces Earnings Results

PureCycle Technologies (NASDAQ:PCT) posted its earnings results on Thursday. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.19), Zacks reports. The business had revenue of $2.43 million during the quarter, compared to the consensus estimate of $6.04 million.

PureCycle Technologies Trading Up 9.7%

Shares of PureCycle Technologies stock traded up $0.93 during mid-day trading on Friday, hitting $10.54. 9,999,380 shares of the stock were exchanged, compared to its average volume of 3,726,839. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of -7.22 and a beta of 2.01. PureCycle Technologies has a twelve month low of $5.40 and a twelve 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 50-day simple moving average of $13.15 and a 200 day simple moving average of $12.24.

Hedge Funds Weigh In On PureCycle Technologies

Institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada grew its stake in PureCycle Technologies by 62.4% in the 1st quarter. Royal Bank of Canada now owns 1,042,338 shares of the company’s stock worth $7,213,000 after acquiring an additional 400,520 shares during the period. AQR Capital Management LLC lifted its stake in shares of PureCycle Technologies by 67.9% during the 1st quarter. AQR Capital Management LLC now owns 20,963 shares of the company’s stock worth $145,000 after purchasing an additional 8,478 shares during the period. Integrated Wealth Concepts LLC boosted its holdings in shares of PureCycle Technologies by 4.3% during the first quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company’s stock worth $253,000 after purchasing an additional 1,516 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of PureCycle Technologies by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,249 shares of the company’s stock worth $507,000 after purchasing an additional 3,161 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in shares of PureCycle Technologies in the first quarter valued at $3,770,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PCT shares. Wall Street Zen lowered shares of PureCycle Technologies from a “hold” rating to a “sell” rating in a research report on Monday, July 21st. Seaport Res Ptn upgraded shares of PureCycle Technologies to a “strong-buy” rating in a research report on Wednesday, October 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PureCycle Technologies in a report on Wednesday, October 8th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $16.00 price target on shares of PureCycle Technologies in a research report on Friday, August 8th. Finally, Cowen reissued a “buy” rating on shares of PureCycle Technologies in a research note on Friday, August 8th. Three equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $15.00.

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.