PureCycle Technologies’ (PCT) Hold Rating Reiterated at TD Cowen

TD Cowen restated their hold rating on shares of PureCycle Technologies (NASDAQ:PCT) in a research note issued to investors on Monday morning, Marketbeat reports. They currently have a $9.00 target price on the stock, down from their previous target price of $16.00.

PCT has been the subject of several other research reports. Cantor Fitzgerald restated an “overweight” rating and set a $16.00 price target on shares of PureCycle Technologies in a research report on Friday, August 8th. Seaport Res Ptn raised shares of PureCycle Technologies to a “strong-buy” rating in a research report on Wednesday, October 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Wednesday, October 8th. Northland Securities initiated coverage on PureCycle Technologies in a research note on Wednesday, August 27th. They issued an “outperform” rating and a $16.00 price objective on the stock. Finally, Cowen reissued a “buy” rating on shares of PureCycle Technologies in a research report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, PureCycle Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $13.67.

PureCycle Technologies Stock Performance

Shares of PCT opened at $8.55 on Monday. The company has a current ratio of 2.24, a quick ratio of 2.15 and a debt-to-equity ratio of 5.21. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of -5.86 and a beta of 2.01. The stock has a 50 day moving average of $11.96 and a 200 day moving average of $12.47. PureCycle Technologies has a 12 month low of $5.40 and a 12 month high of $17.37.

PureCycle Technologies (NASDAQ:PCT) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.19). The business had revenue of $2.43 million during the quarter, compared to analyst estimates of $6.04 million. As a group, sell-side analysts forecast that PureCycle Technologies will post -1.01 earnings per share for the current year.

Institutional Trading of PureCycle Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in PCT. Sylebra Capital LLC boosted its stake in PureCycle Technologies by 1.9% in the 1st quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company’s stock worth $235,817,000 after purchasing an additional 619,925 shares during the period. Vanguard Group Inc. lifted its holdings in shares of PureCycle Technologies by 4.7% in the first quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company’s stock worth $102,149,000 after buying an additional 660,837 shares in the last quarter. Samlyn Capital LLC boosted its position in shares of PureCycle Technologies by 19.1% in the first quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company’s stock valued at $43,057,000 after acquiring an additional 997,337 shares during the period. Appian Way Asset Management LP grew its stake in PureCycle Technologies by 1.4% during the third quarter. Appian Way Asset Management LP now owns 4,315,655 shares of the company’s stock valued at $56,751,000 after acquiring an additional 59,676 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in PureCycle Technologies by 2.2% during the 2nd quarter. Geode Capital Management LLC now owns 3,391,126 shares of the company’s stock worth $46,465,000 after acquiring an additional 71,401 shares during the period. 63.01% of the stock is currently owned by institutional investors.

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.