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

Key Points

• PureCycle Technologies, Inc. has received an average recommendation of "Buy" from analysts, with a 12-month target price of $15.00.
• Recent financial reports indicate that PureCycle missed earnings estimates, posting a loss of ($0.35) per share against an expected ($0.23).
• Institutional investors significantly increased their stakes in PureCycle, with notable boosts from firms such as Duquesne Family Office LLC and T. Rowe Price Investment Management Inc. during the first quarter.

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) have earned an average recommendation of "Buy" from the seven analysts that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $15.00.

PCT has been the topic of a number of recent research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of PureCycle Technologies in a report on Wednesday, October 8th. Cantor Fitzgerald restated an "overweight" rating and set a $16.00 target price on shares of PureCycle Technologies in a report on Friday, August 8th. Northland Capmk upgraded shares of PureCycle Technologies to a "strong-buy" rating in a report on Tuesday, August 26th. Cowen restated a "buy" rating on shares of PureCycle Technologies in a report on Friday, August 8th. Finally, Wall Street Zen downgraded shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a report on Monday, July 21st.

Hedge Funds Weigh In On PureCycle Technologies

A number of institutional investors have recently added to or reduced their stakes in PCT. Duquesne Family Office LLC increased its holdings in 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 buying an additional 1,772,342 shares during the last quarter. Samlyn Capital LLC boosted its position in PureCycle Technologies by 19.1% during the first quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company's stock worth $43,057,000 after purchasing an additional 997,337 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in PureCycle Technologies by 66.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 2,249,781 shares of the company's stock worth $15,569,000 after purchasing an additional 897,694 shares during the period. Huntleigh Advisors Inc. bought a new position in PureCycle Technologies during the first quarter worth $4,844,000. Finally, PNC Financial Services Group Inc. boosted its position in PureCycle Technologies by 100.0% during the second quarter. PNC Financial Services Group Inc. now owns 1,383,478 shares of the company's stock worth $18,954,000 after purchasing an additional 691,809 shares during the period. 63.01% of the stock is currently owned by institutional investors and hedge funds.

PureCycle Technologies Price Performance

NASDAQ PCT opened at $13.13 on Wednesday. The company has a quick ratio of 2.07, a current ratio of 2.14 and a debt-to-equity ratio of 3.54. PureCycle Technologies has a 12-month low of $5.40 and a 12-month high of $17.37. The company has a market capitalization of $2.36 billion, a PE ratio of -7.77 and a beta of 2.01. The firm's 50 day moving average is $13.58 and its 200-day moving average is $11.73.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $1.65 million for the quarter, compared to the consensus estimate of $4.10 million. Equities research analysts anticipate that PureCycle Technologies will post -1.01 earnings per share for the current fiscal year.

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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