PureCycle Technologies (NASDAQ:PCT) Shares Up 6.3% – Time to Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price shot up 6.3% on Friday . The company traded as high as $6.23 and last traded at $6.1950. Approximately 1,347,699 shares were traded during trading, a decline of 71% from the average session volume of 4,710,307 shares. The stock had previously closed at $5.83.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PCT shares. Cantor Fitzgerald dropped their price target on shares of PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Alembic Global Advisors set a $16.00 price objective on shares of PureCycle Technologies in a research report on Tuesday, June 16th. Northland Securities set a $13.00 target price on shares of PureCycle Technologies in a research note on Friday, June 12th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of PureCycle Technologies in a report on Wednesday, September 2nd. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, PureCycle Technologies currently has an average rating of “Hold” and a consensus target price of $11.75.

PureCycle Technologies Trading Up 6.3%

The firm has a 50-day moving average of $6.69 and a 200 day moving average of $7.63. The company has a market cap of $1.24 billion, a P/E ratio of -4.24 and a beta of 2.57. The company has a current ratio of 2.60, a quick ratio of 2.42 and a debt-to-equity ratio of 27.37.

PureCycle Technologies (NASDAQ:PCT) last issued its earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.51). PureCycle Technologies had a negative return on equity of 612.39% and a negative net margin of 1,618.84%.The business had revenue of $4.51 million during the quarter, compared to the consensus estimate of $6.11 million. On average, analysts predict that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling at PureCycle Technologies

In related news, Director Fernando Musa acquired 15,479 shares of the stock in a transaction dated Friday, September 4th. The stock was bought at an average price of $6.38 per share, for a total transaction of $98,756.02. Following the purchase, the director directly owned 175,983 shares of the company’s stock, valued at $1,122,771.54. The trade was a 9.64% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 18.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company increased its stake in PureCycle Technologies by 13.2% in the second quarter. The Manufacturers Life Insurance Company now owns 66,815 shares of the company’s stock valued at $542,000 after purchasing an additional 7,773 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of PureCycle Technologies by 71.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 23,092 shares of the company’s stock worth $187,000 after purchasing an additional 9,641 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in shares of PureCycle Technologies in the 2nd quarter valued at about $1,028,000. Integrated Wealth Concepts LLC grew its stake in shares of PureCycle Technologies by 2.3% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 71,442 shares of the company’s stock valued at $579,000 after buying an additional 1,625 shares during the period. Finally, NewEdge Advisors LLC increased its position in PureCycle Technologies by 600.9% in the 2nd quarter. NewEdge Advisors LLC now owns 1,186,811 shares of the company’s stock valued at $9,625,000 after buying an additional 1,017,488 shares in the last quarter. 63.01% of the stock is owned by 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.