PureCycle Technologies (NASDAQ:PCT) Price Target Cut to $6.00 by Analysts at TD Cowen

PureCycle Technologies (NASDAQ:PCT) had its price objective decreased by TD Cowen from $7.00 to $6.00 in a report released on Friday, MarketBeat.com reports. TD Cowen currently has a hold rating on the stock.

A number of other research analysts have also recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Thursday, January 22nd. Cantor Fitzgerald dropped their price target on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating for the company in a report on Friday, February 27th. Finally, Wall Street Zen upgraded PureCycle Technologies from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 2nd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

PureCycle Technologies Stock Up 6.6%

Shares of PureCycle Technologies stock opened at $9.53 on Friday. The stock has a market capitalization of $1.72 billion, a P/E ratio of -6.48 and a beta of 2.31. 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 50 day moving average price of $6.30 and a two-hundred day moving average price of $8.58. PureCycle Technologies has a 12-month low of $4.93 and a 12-month high of $17.37.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.05. The firm had revenue of $4.13 million during the quarter, compared to the consensus estimate of $3.83 million. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 305.03%. Equities analysts expect that PureCycle Technologies will post -0.96 earnings per share for the current year.

Institutional Trading of PureCycle Technologies

Several hedge funds have recently modified their holdings of the stock. Cassaday & Co Wealth Management LLC bought a new position in PureCycle Technologies in the 1st quarter worth approximately $33,000. 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. SHP Wealth Management acquired a new stake in shares of PureCycle Technologies in the 4th quarter valued at $43,000. Finally, Sigma Planning Corp acquired a new stake in shares of PureCycle Technologies in the 1st quarter valued at $53,000. 63.01% of the stock is owned by institutional investors.

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.