PureCycle Technologies (NASDAQ:PCT) Trading Up 7.9% – Here’s What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT)’s share price rose 7.9% during trading on Wednesday . The company traded as high as $13.82 and last traded at $13.8650. Approximately 4,081,531 shares changed hands during trading, a decline of 10% from the average daily volume of 4,553,337 shares. The stock had previously closed at $12.85.

Wall Street Analyst Weigh In

PCT has been the subject of several research reports. TD Cowen dropped their price target on PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Friday, May 8th. Wall Street Zen cut PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 10th. Finally, Cantor Fitzgerald dropped their price target on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

PureCycle Technologies Trading Up 7.0%

The stock has a market cap of $2.49 billion, a price-to-earnings ratio of -9.42 and a beta of 2.48. The company has a debt-to-equity ratio of 47.59, a quick ratio of 1.57 and a current ratio of 1.71. The company has a 50 day moving average of $8.14 and a 200-day moving average of $8.57.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.05. The company had revenue of $4.13 million during the quarter, compared to the consensus estimate 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, research analysts anticipate that PureCycle Technologies, Inc. will post -0.99 earnings per share for the current year.

Institutional Investors Weigh In On PureCycle Technologies

Several institutional investors and hedge funds have recently modified their holdings of PCT. NewEdge Advisors LLC boosted its holdings in PureCycle Technologies by 43.5% in the first quarter. NewEdge Advisors LLC now owns 169,323 shares of the company’s stock valued at $879,000 after purchasing an additional 51,290 shares during the last quarter. California State Teachers Retirement System boosted its holdings in PureCycle Technologies by 43.2% in the first quarter. California State Teachers Retirement System now owns 181,015 shares of the company’s stock valued at $939,000 after purchasing an additional 54,650 shares during the last quarter. Rokos Capital Management LLP acquired a new stake in PureCycle Technologies during the first quarter valued at approximately $7,526,000. Quantinno Capital Management LP raised its position in shares of PureCycle Technologies by 707.8% during the 1st quarter. Quantinno Capital Management LP now owns 428,534 shares of the company’s stock worth $2,224,000 after purchasing an additional 375,486 shares during the period. Finally, Waverly Advisors LLC acquired a new stake in PureCycle Technologies in the 1st quarter valued at approximately $99,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.

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.