PureCycle Technologies (NASDAQ:PCT) Trading 7.6% Higher – Still a Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s share price traded up 7.6% during mid-day trading on Monday . The stock traded as high as $6.86 and last traded at $6.8530. Approximately 647,191 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 4,863,830 shares. The stock had previously closed at $6.37.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PCT shares. TD Cowen reduced their target price on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Friday, May 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a research note on Friday, June 5th. Northland Securities set a $13.00 price objective on PureCycle Technologies in a research note on Friday, June 12th. Alembic Global Advisors set a $16.00 price objective on PureCycle Technologies in a report on Tuesday, June 16th. Finally, Wall Street Zen lowered PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 10th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.25.

PureCycle Technologies Stock Up 3.1%

The company’s fifty day simple moving average is $8.43 and its 200-day simple moving average is $8.27. The firm has a market capitalization of $1.31 billion, a PE ratio of -4.92 and a beta of 2.57. The company has a debt-to-equity ratio of 47.59, a current ratio of 1.71 and a quick ratio of 1.57.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.05. The firm had revenue of $4.13 million during the quarter, compared to analyst estimates of $3.83 million. PureCycle Technologies had a negative return on equity of 393.01% and a negative net margin of 2,062.36%. On average, analysts forecast that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Institutional Investors Weigh In On PureCycle Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its holdings in PureCycle Technologies by 62.4% in the first 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 in the last quarter. AQR Capital Management LLC increased its holdings in shares of PureCycle Technologies by 67.9% during the first quarter. AQR Capital Management LLC now owns 20,963 shares of the company’s stock valued at $145,000 after acquiring an additional 8,478 shares in the last quarter. Integrated Wealth Concepts LLC increased 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 valued at $253,000 after acquiring an additional 1,516 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of PureCycle Technologies by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,249 shares of the company’s stock valued at $507,000 after purchasing an additional 3,161 shares during the last quarter. Finally, Millennium Management LLC purchased a new position in shares of PureCycle Technologies in the 1st quarter valued at approximately $3,770,000. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

PureCycle Technologies Company Profile

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.