PureCycle Technologies, Inc. (NASDAQ:PCT) Given Consensus Rating of "Buy" by Brokerages

Key Points

• PureCycle Technologies, Inc. is rated "Buy" by six research firms, with an average target price of $15.00 among analysts.
• Recent quarterly earnings revealed a loss of ($0.35) per share, missing expectations, with reported revenue of $1.65 million against forecasts of $4.10 million.
• Institutional ownership of the company is significant, with over 63% of shares held by hedge funds and institutional investors, highlighting strong institutional interest.

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) has received an average rating of "Buy" from the six research firms that are presently covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $15.00.

A number of research analysts recently issued reports on PCT shares. Wall Street Zen downgraded shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research note on Monday, July 21st. Cowen restated a "buy" rating on shares of PureCycle Technologies in a research report on Friday, August 8th. Northland Securities initiated coverage on shares of PureCycle Technologies in a research report on Wednesday, August 27th. They set an "outperform" rating and a $16.00 price objective for the company. Cantor Fitzgerald restated an "overweight" rating and set a $16.00 price objective on shares of PureCycle Technologies in a research report on Friday, August 8th. Finally, TD Cowen upgraded shares of PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd.

Institutional Investors Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in PCT. Duquesne Family Office LLC increased its stake in shares of PureCycle Technologies by 111.3% during the first quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company's stock worth $23,285,000 after acquiring an additional 1,772,342 shares during the period. California State Teachers Retirement System grew its position in PureCycle Technologies by 3.8% during the fourth quarter. California State Teachers Retirement System now owns 113,708 shares of the company's stock worth $1,166,000 after buying an additional 4,170 shares during the period. SWS Partners grew its position in PureCycle Technologies by 2.8% during the first quarter. SWS Partners now owns 757,279 shares of the company's stock worth $5,240,000 after buying an additional 20,547 shares during the period. Huntleigh Advisors Inc. acquired a new position in PureCycle Technologies during the first quarter worth about $4,844,000. Finally, Nuveen LLC acquired a new position in PureCycle Technologies during the first quarter worth about $2,306,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

PureCycle Technologies Trading Down 1.5%

Shares of PCT stock opened at $12.91 on Friday. 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 stock has a market capitalization of $2.32 billion, a P/E ratio of -7.64 and a beta of 2.01. The company has a 50 day moving average price of $13.63 and a 200 day moving average price of $10.94. PureCycle Technologies has a fifty-two week low of $5.40 and a fifty-two week high of $17.37.

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

About PureCycle Technologies

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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