Cantor Fitzgerald Reiterates Overweight Rating for PureCycle Technologies (NASDAQ:PCT)

Cantor Fitzgerald restated their overweight rating on shares of PureCycle Technologies (NASDAQ:PCT - Free Report) in a research report sent to investors on Tuesday, Marketbeat reports. The firm currently has a $16.00 price target on the stock, up from their prior price target of $12.00.

A number of other equities research analysts have also recently commented on the company. Wall Street Zen raised PureCycle Technologies from a "sell" rating to a "hold" rating in a report on Saturday, June 14th. TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a research note on Monday. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, PureCycle Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $12.50.

PureCycle Technologies Trading Down 2.9%

NASDAQ PCT traded down $0.41 on Tuesday, hitting $13.59. The company's stock had a trading volume of 1,936,222 shares, compared to its average volume of 2,686,162. The firm has a market cap of $2.44 billion, a P/E ratio of -11.65 and a beta of 1.80. PureCycle Technologies has a 52-week low of $4.50 and a 52-week high of $15.58. The company's 50-day simple moving average is $9.36 and its 200 day simple moving average is $9.10. The company has a current ratio of 0.55, a quick ratio of 0.45 and a debt-to-equity ratio of 1.43.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.27) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.02). The firm had revenue of $1.58 million during the quarter, compared to analysts' expectations of $4.27 million. Research analysts predict that PureCycle Technologies will post -1.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PCT. NewEdge Advisors LLC grew its position in shares of PureCycle Technologies by 0.4% in the fourth quarter. NewEdge Advisors LLC now owns 322,491 shares of the company's stock valued at $3,306,000 after purchasing an additional 1,330 shares in the last quarter. Summit Investment Advisors Inc. increased its position in shares of PureCycle Technologies by 11.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 12,897 shares of the company's stock valued at $132,000 after purchasing an additional 1,352 shares during the last quarter. Integrated Wealth Concepts LLC boosted its holdings in PureCycle Technologies by 4.3% in the first quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company's stock valued at $253,000 after purchasing an additional 1,516 shares in the last quarter. Skandinaviska Enskilda Banken AB publ raised its stake in PureCycle Technologies by 11.5% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 17,049 shares of the company's stock worth $118,000 after acquiring an additional 1,753 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in shares of PureCycle Technologies by 141.5% in the fourth quarter. US Bancorp DE now owns 3,446 shares of the company's stock valued at $35,000 after acquiring an additional 2,019 shares during the period. 63.01% of the stock is owned by institutional investors and hedge funds.

PureCycle Technologies Company Profile

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.