PureCycle Technologies (NASDAQ:PCT) Trading Up 11% – Time to Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s share price was up 11% on Wednesday . The stock traded as high as $7.43 and last traded at $7.5060. Approximately 798,179 shares changed hands during trading, a decline of 84% from the average daily volume of 4,958,784 shares. The stock had previously closed at $6.76.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PCT. Alembic Global Advisors set a $16.00 target price on PureCycle Technologies in a report on Tuesday, June 16th. Northland Securities set a $13.00 price objective on shares of PureCycle Technologies in a report on Friday, June 12th. TD Cowen reduced their target price on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. Wall Street Zen lowered shares of PureCycle Technologies from a “sell” rating to a “strong sell” rating in a report on Sunday, May 10th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a research note on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.25.

PureCycle Technologies Stock Up 3.9%

The business’s 50 day moving average price is $9.81 and its 200-day moving average price is $8.60. The firm has a market capitalization of $1.27 billion, a PE ratio of -4.78 and a beta of 2.50. The company has a debt-to-equity ratio of 47.59, a quick ratio of 1.57 and a current ratio of 1.71.

PureCycle Technologies (NASDAQ:PCT) last posted its earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share 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 393.01%. As a group, equities research analysts forecast that PureCycle Technologies, Inc. will post -1 earnings per share for the current year.

Hedge Funds Weigh In On PureCycle Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of PCT. Cassaday & Co Wealth Management LLC purchased a new stake in PureCycle Technologies during the first quarter worth about $33,000. Larson Financial Group LLC boosted its stake in shares of PureCycle Technologies by 6,571.8% in the third quarter. Larson Financial Group LLC now owns 2,602 shares of the company’s stock valued at $34,000 after purchasing an additional 2,563 shares during the period. Advisory Services Network LLC purchased a new position in shares of PureCycle Technologies in the third quarter valued at approximately $35,000. SHP Wealth Management acquired a new position in shares of PureCycle Technologies in the fourth quarter valued at approximately $43,000. Finally, Sigma Planning Corp acquired a new position in shares of PureCycle Technologies in the first quarter valued at approximately $53,000. 63.01% of the stock is currently owned by hedge funds and other 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.