PureCycle Technologies (NASDAQ:PCT) Posts Quarterly Earnings Results, Misses Expectations By $0.19 EPS

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

PureCycle Technologies Price Performance

Shares of NASDAQ:PCT traded up $0.93 during trading on Friday, reaching $10.54. 9,999,380 shares of the stock were exchanged, compared to its average volume of 3,726,839. PureCycle Technologies has a 1-year low of $5.40 and a 1-year high of $17.37. The stock has a fifty day moving average of $13.15 and a two-hundred day moving average of $12.24. The company has a debt-to-equity ratio of 3.54, a current ratio of 2.14 and a quick ratio of 2.07.

Hedge Funds Weigh In On PureCycle Technologies

Hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its holdings in shares of PureCycle Technologies by 67.9% in the 1st quarter. AQR Capital Management LLC now owns 20,963 shares of the company’s stock worth $145,000 after acquiring an additional 8,478 shares during the last quarter. Alamea Verwaltungs GmbH purchased a new position in PureCycle Technologies in the 2nd quarter worth $177,000. Jump Financial LLC purchased a new position in PureCycle Technologies in the 2nd quarter worth $218,000. Prudential Financial Inc. bought a new stake in PureCycle Technologies in the second quarter worth $224,000. Finally, BNP Paribas Financial Markets boosted its position in PureCycle Technologies by 71.4% during the second quarter. BNP Paribas Financial Markets now owns 16,317 shares of the company’s stock valued at $224,000 after buying an additional 6,795 shares during the period. Institutional investors and hedge funds own 63.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Seaport Res Ptn raised PureCycle Technologies to a “strong-buy” rating in a research report on Wednesday, October 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $16.00 price objective on shares of PureCycle Technologies in a research note on Friday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PureCycle Technologies in a report on Wednesday, October 8th. Wall Street Zen downgraded shares of PureCycle Technologies from a “hold” rating to a “sell” rating in a research note on Monday, July 21st. Finally, Northland Capmk upgraded shares of PureCycle Technologies to a “strong-buy” rating in a report on Tuesday, August 26th. Three analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $15.00.

About PureCycle Technologies

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.