PureCycle Technologies (NASDAQ:PCT) Stock Price Target Lowered at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald cut its price target on PureCycle from $12 to $8 but maintained an “overweight” rating; the new target implies 186.74% upside from the share price cited in the report.
• Analyst views are mixed: the consensus rating is “Hold,” with one Buy, one Hold and one Sell rating, and a consensus target price of $10.75.
• PureCycle reported a quarterly loss of $0.29 per share, missing the $0.26 loss estimate, while revenue of $2.35 million fell short of expectations of $8.28 million.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) had its price target cut by research analysts at Cantor Fitzgerald from $12.00 to $8.00 in a report released on Thursday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Cantor Fitzgerald's price objective indicates a potential upside of 186.74% from the company's current price.

Separately, Weiss Ratings restated a "sell (e+)" rating on shares of PureCycle Technologies in a research report on Wednesday, September 2nd. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $10.75.

PureCycle Technologies Price Performance

Shares of NASDAQ:PCT opened at $2.79 on Thursday. PureCycle Technologies has a fifty-two week low of $2.59 and a fifty-two week high of $14.19. The business has a 50-day simple moving average of $4.57 and a two-hundred day simple moving average of $7.21. The company has a debt-to-equity ratio of 27.37, a quick ratio of 2.42 and a current ratio of 2.60. The firm has a market cap of $560.51 million, a price-to-earnings ratio of -1.91 and a beta of 2.74.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.26) by ($0.03). PureCycle Technologies had a negative net margin of 1,618.84% and a negative return on equity of 612.39%. The company had revenue of $2.35 million for the quarter, compared to analysts' expectations of $8.28 million. On average, analysts expect that PureCycle Technologies will post -0.90 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Fernando Musa acquired 15,479 shares of PureCycle Technologies stock in a transaction that occurred on Friday, September 4th. The stock was bought at an average price of $6.38 per share, for a total transaction of $98,756.02. Following the completion of the transaction, the director owned 175,983 shares in the company, valued at $1,122,771.54. The trade was a 9.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 18.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Lido Advisors LLC bought a new position in PureCycle Technologies in the 3rd quarter worth $122,000. Kestra Advisory Services LLC grew its holdings in PureCycle Technologies by 27.5% during the third quarter. Kestra Advisory Services LLC now owns 327,244 shares of the company's stock valued at $1,443,000 after purchasing an additional 70,544 shares during the period. Platform Technology Partners grew its holdings in PureCycle Technologies by 12.5% during the third quarter. Platform Technology Partners now owns 191,039 shares of the company's stock valued at $842,000 after purchasing an additional 21,258 shares during the period. Commonwealth Equity Services LLC bought a new stake in PureCycle Technologies during the third quarter valued at about $190,000. Finally, Chicago Partners Investment Group LLC purchased a new stake in PureCycle Technologies in the third quarter worth about $36,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

About PureCycle Technologies

PureCycle Technologies, Inc NASDAQ: PCT is a recycling technology company focused on converting waste polypropylene (PP) into recycled resin with properties designed to be comparable to virgin polypropylene. Its technology is intended to remove color, odor and other contaminants from used plastic, expanding the potential for recycled PP in applications that traditionally rely on virgin materials.

The company processes post-consumer and post-industrial polypropylene feedstock into purified recycled polypropylene products.

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