Northland Securities Begins Coverage on PureCycle Technologies (NASDAQ:PCT)

Key Points

• Northland Securities has initiated coverage on PureCycle Technologies (NASDAQ:PCT) with an "outperform" rating and a price target of $16.00, suggesting a potential upside of approximately 17.65% from its current price.
• Various analysts have recently rated PureCycle Technologies as a strong buy or buy, with a consensus target price of $15.00, following a disappointing earnings report that revealed a loss of ($0.35) EPS.
• Institutional investment in the company has increased, with several firms like Sylebra Capital and Vanguard Group boosting their holdings, indicating growing confidence in PureCycle's future prospects.

Equities researchers at Northland Securities assumed coverage on shares of PureCycle Technologies (NASDAQ:PCT - Get Free Report) in a research report issued to clients and investors on Wednesday,Briefing.com Automated Import reports. The brokerage set an "outperform" rating and a $16.00 price target on the stock. Northland Securities' target price would indicate a potential upside of 17.65% from the company's current price.

PCT has been the topic of a number of other reports. Cantor Fitzgerald restated an "overweight" rating and issued a $16.00 price target on shares of PureCycle Technologies in a research note on Friday, August 8th. Cowen reissued a "buy" rating on shares of PureCycle Technologies in a research note on Friday, August 8th. TD Cowen upgraded shares of PureCycle Technologies to a "strong-buy" rating in a research note on Monday, June 23rd. Finally, Wall Street Zen downgraded shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research report on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $15.00.

PureCycle Technologies Trading Up 6.9%

Shares of PureCycle Technologies stock opened at $13.60 on Wednesday. PureCycle Technologies has a 1 year low of $4.50 and a 1 year high of $17.37. The company has a debt-to-equity ratio of 3.54, a quick ratio of 2.07 and a current ratio of 2.14. The company has a market capitalization of $2.45 billion, a P/E ratio of -8.05 and a beta of 1.94. The company's fifty day moving average is $14.00 and its two-hundred day moving average is $10.26.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.12). The company had revenue of $1.65 million during the quarter, compared to analysts' expectations of $4.10 million. Analysts forecast that PureCycle Technologies will post -1.01 earnings per share for the current year.

Institutional Investors Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Sylebra Capital LLC lifted its position in shares of PureCycle Technologies by 1.9% in the first quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company's stock worth $235,817,000 after buying an additional 619,925 shares in the last quarter. Vanguard Group Inc. boosted its holdings in PureCycle Technologies by 4.7% during the first quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company's stock worth $102,149,000 after buying an additional 660,837 shares in the last quarter. Samlyn Capital LLC lifted its position in shares of PureCycle Technologies by 19.1% in the first quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company's stock valued at $43,057,000 after acquiring an additional 997,337 shares in the last quarter. Geode Capital Management LLC lifted its position in PureCycle Technologies by 2.2% during the second quarter. Geode Capital Management LLC now owns 3,391,126 shares of the company's stock worth $46,465,000 after buying an additional 71,401 shares in the last quarter. Finally, Duquesne Family Office LLC raised its position in PureCycle Technologies by 111.3% in the first quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company's stock valued at $23,285,000 after purchasing an additional 1,772,342 shares during the period. 63.01% of the stock is owned by hedge funds and other institutional investors.

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.

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