PureCycle Technologies (NASDAQ:PCT) Shares Up 10.6% – Still a Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price rose 10.6% during mid-day trading on Thursday . The stock traded as high as $9.63 and last traded at $9.9780. Approximately 941,893 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 2,724,274 shares. The stock had previously closed at $9.02.

Analyst Ratings Changes

PCT has been the topic of several analyst reports. TD Cowen reiterated a “hold” rating and issued a $9.00 price objective (down from $16.00) on shares of PureCycle Technologies in a research note on Monday, November 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Wednesday, October 8th. Finally, Seaport Res Ptn upgraded PureCycle Technologies to a “strong-buy” rating in a research note on Wednesday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.67.

PureCycle Technologies Stock Up 10.0%

The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of -6.79 and a beta of 2.03. The firm has a fifty day moving average price of $9.12 and a 200 day moving average price of $12.18. The company has a current ratio of 2.24, a quick ratio of 2.15 and a debt-to-equity ratio of 5.21.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.44) earnings per share (EPS) 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 analysts’ expectations of $6.04 million. Sell-side analysts anticipate that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Institutional Investors Weigh In On PureCycle Technologies

A number of hedge funds have recently added to or reduced their stakes in PCT. Nisa Investment Advisors LLC grew its stake in shares of PureCycle Technologies by 278.1% during the second quarter. Nisa Investment Advisors LLC now owns 2,571 shares of the company’s stock valued at $35,000 after purchasing an additional 1,891 shares during the last quarter. Larson Financial Group LLC boosted its position in PureCycle Technologies by 6,571.8% in the 3rd quarter. Larson Financial Group LLC now owns 2,602 shares of the company’s stock valued at $34,000 after buying an additional 2,563 shares during the last quarter. Advisory Services Network LLC bought a new position in PureCycle Technologies in the 3rd quarter valued at $35,000. Bluefin Capital Management LLC acquired a new stake in shares of PureCycle Technologies in the 2nd quarter valued at $137,000. Finally, Patriot Financial Group Insurance Agency LLC bought a new stake in shares of PureCycle Technologies during the second quarter worth $140,000. 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.