PureCycle Technologies (NASDAQ:PCT) Trading Up 7.9% – What’s Next?

PureCycle Technologies, Inc. (NASDAQ:PCT) shares shot up 7.9% during trading on Wednesday . The company traded as high as $10.86 and last traded at $11.2120. 1,147,341 shares were traded during trading, a decline of 71% from the average session volume of 3,926,494 shares. The stock had previously closed at $10.39.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Seaport Res Ptn upgraded PureCycle Technologies to a “strong-buy” rating in a research report on Wednesday, October 22nd. TD Cowen restated a “hold” rating and issued a $9.00 target price (down from $16.00) on shares of PureCycle Technologies in a research note on Monday, November 24th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PureCycle Technologies in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.67.

PureCycle Technologies Stock Performance

The company has a debt-to-equity ratio of 5.21, a quick ratio of 2.15 and a current ratio of 2.24. The stock has a market cap of $2.12 billion, a PE ratio of -8.05 and a beta of 2.03. The company’s 50-day moving average price is $9.14 and its two-hundred day moving average price is $12.05.

PureCycle Technologies (NASDAQ:PCT) last released its earnings results on Thursday, November 6th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.19). The company had revenue of $2.43 million during the quarter, compared to analyst estimates of $6.04 million. On average, equities research analysts forecast that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Hedge Funds Weigh In On PureCycle Technologies

A number of large investors have recently modified their holdings of PCT. PNC Financial Services Group Inc. boosted its stake in PureCycle Technologies by 100.0% in the second quarter. PNC Financial Services Group Inc. now owns 1,383,478 shares of the company’s stock worth $18,954,000 after buying an additional 691,809 shares in the last quarter. Millennium Management LLC bought a new stake in shares of PureCycle Technologies in the 1st quarter worth approximately $3,770,000. Bank of America Corp DE lifted its holdings in shares of PureCycle Technologies by 583.2% in the 3rd quarter. Bank of America Corp DE now owns 623,293 shares of the company’s stock worth $8,196,000 after acquiring an additional 532,062 shares during the last quarter. Hohimer Wealth Management LLC purchased a new stake in shares of PureCycle Technologies in the 3rd quarter valued at $6,452,000. Finally, Royal Bank of Canada grew its holdings in shares of PureCycle Technologies by 62.4% during the 1st quarter. Royal Bank of Canada now owns 1,042,338 shares of the company’s stock valued at $7,213,000 after purchasing an additional 400,520 shares during the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.

About PureCycle Technologies

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.