PureCycle Technologies (NASDAQ:PCT) Shares Up 6.7% – Time to Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price shot up 6.7% during mid-day trading on Thursday . The stock traded as high as $5.88 and last traded at $5.8450. 2,172,787 shares traded hands during trading, a decline of 53% from the average session volume of 4,624,870 shares. The stock had previously closed at $5.48.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PCT shares. Cantor Fitzgerald lowered their price target on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, February 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of PureCycle Technologies in a research report on Thursday, January 22nd. Finally, TD Cowen reissued a “hold” rating and issued a $9.00 target price (down from $16.00) on shares of PureCycle Technologies in a report on Monday, November 24th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $13.00.

PureCycle Technologies Stock Up 4.3%

The company has a quick ratio of 2.15, a current ratio of 2.26 and a debt-to-equity ratio of 7.62. The stock has a market capitalization of $1.03 billion, a P/E ratio of -4.72 and a beta of 2.07. The company has a fifty day moving average price of $8.84 and a 200-day moving average price of $10.36.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.17). PureCycle Technologies had a negative net margin of 2,185.10% and a negative return on equity of 204.74%. The firm had revenue of $2.70 million for the quarter, compared to analysts’ expectations of $6.37 million. As a group, research analysts forecast that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Institutional Investors Weigh In On PureCycle Technologies

Hedge funds have recently bought and sold shares of the business. Simplify Asset Management Inc. raised its position in shares of PureCycle Technologies by 227.4% during the 4th quarter. Simplify Asset Management Inc. now owns 1,933,564 shares of the company’s stock valued at $16,609,000 after buying an additional 1,342,955 shares in the last quarter. HRT Financial LP grew its position in PureCycle Technologies by 208.2% in the fourth quarter. HRT Financial LP now owns 1,072,543 shares of the company’s stock worth $9,213,000 after acquiring an additional 724,495 shares in the last quarter. Indivisible Partners bought a new stake in PureCycle Technologies during the fourth quarter worth approximately $5,803,000. Millennium Management LLC bought a new stake in PureCycle Technologies during the first quarter worth approximately $3,770,000. Finally, Bank of America Corp DE raised its position in PureCycle Technologies by 583.2% during the third quarter. Bank of America Corp DE now owns 623,293 shares of the company’s stock valued at $8,196,000 after purchasing an additional 532,062 shares during the period. 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.