PureCycle Technologies (NASDAQ:PCT) Trading Up 9.4% – Still a Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price traded up 9.4% during mid-day trading on Wednesday . The company traded as high as $8.88 and last traded at $8.9610. 3,225,966 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 4,976,624 shares. The stock had previously closed at $8.19.

Wall Street Analysts Forecast Growth

PCT has been the topic of several recent analyst reports. Wall Street Zen lowered shares of PureCycle Technologies from a “sell” rating to a “strong sell” rating in a report on Sunday, May 10th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PureCycle Technologies in a research report on Friday, June 5th. Cantor Fitzgerald decreased their price target on shares of PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, February 27th. Alembic Global Advisors set a $16.00 price objective on shares of PureCycle Technologies in a research note on Tuesday. Finally, Northland Securities set a $13.00 price objective on PureCycle Technologies in a report on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $12.25.

PureCycle Technologies Stock Up 5.7%

The firm’s 50 day moving average price is $9.36 and its two-hundred day moving average price is $8.75. The firm has a market capitalization of $1.57 billion, a PE ratio of -5.88 and a beta of 2.48. The company has a quick ratio of 1.57, a current ratio of 1.71 and a debt-to-equity ratio of 47.59.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.05. The firm had revenue of $4.13 million for the quarter, compared to analyst estimates of $3.83 million. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. As a group, research analysts forecast that PureCycle Technologies, Inc. will post -0.97 EPS for the current fiscal year.

Institutional Investors Weigh In On PureCycle Technologies

Hedge funds have recently bought and sold shares of the business. Rokos Capital Management LLP acquired a new position in shares of PureCycle Technologies in the 1st quarter valued at about $7,526,000. Simplify Asset Management Inc. raised its stake in PureCycle Technologies by 227.4% during the fourth quarter. Simplify Asset Management Inc. now owns 1,933,564 shares of the company’s stock worth $16,609,000 after acquiring an additional 1,342,955 shares during the period. HRT Financial LP lifted its holdings 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 during the last quarter. Indivisible Partners bought a new position in PureCycle Technologies in the fourth quarter worth about $5,803,000. Finally, Millennium Management LLC acquired a new position in PureCycle Technologies in the first quarter valued at approximately $3,770,000. Institutional investors and hedge funds 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.