PureCycle Technologies, Inc. (NASDAQ:PCT) Receives Average Rating of "Buy" from Brokerages

Key Points

• PureCycle Technologies, Inc. has received an average consensus rating of "Buy" from six brokerage firms, with a twelve-month price target averaging $15.00.
• The company recently reported earnings of ($0.35) per share, missing the consensus estimate of ($0.23) and generated $1.65 million in revenue, significantly below the expected $4.10 million.
• Institutional investors own 63.01% of PureCycle Technologies' stock, with notable recent stake purchases from firms like Envestnet Asset Management and Price T Rowe Associates.

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) have earned a consensus recommendation of "Buy" from the six ratings firms that are currently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $15.00.

Several equities analysts recently weighed in on the company. Wall Street Zen downgraded PureCycle Technologies from a "hold" rating to a "sell" rating in a research report on Monday, July 21st. Northland Securities initiated coverage on PureCycle Technologies in a report on Wednesday, August 27th. They set an "outperform" rating and a $16.00 price target on the stock. Cantor Fitzgerald reissued an "overweight" rating and set a $16.00 price target on shares of PureCycle Technologies in a report on Friday, August 8th. TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. Finally, Cowen reissued a "buy" rating on shares of PureCycle Technologies in a report on Friday, August 8th.

Institutional Investors Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of PCT. Envestnet Asset Management Inc. bought a new stake in shares of PureCycle Technologies in the fourth quarter worth about $315,000. Price T Rowe Associates Inc. MD increased its holdings in shares of PureCycle Technologies by 9.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 108,035 shares of the company's stock worth $1,108,000 after purchasing an additional 8,959 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of PureCycle Technologies by 9.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 70,486 shares of the company's stock worth $722,000 after purchasing an additional 6,290 shares during the last quarter. Northern Trust Corp increased its holdings in shares of PureCycle Technologies by 7.5% in the fourth quarter. Northern Trust Corp now owns 1,240,393 shares of the company's stock worth $12,714,000 after purchasing an additional 86,233 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in shares of PureCycle Technologies in the fourth quarter worth about $192,000. 63.01% of the stock is owned by institutional investors.

PureCycle Technologies Price Performance

NASDAQ PCT opened at $14.29 on Tuesday. The company has a market capitalization of $2.57 billion, a PE ratio of -8.46 and a beta of 2.01. 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 business's fifty day moving average is $14.09 and its 200 day moving average is $10.43. PureCycle Technologies has a fifty-two week low of $4.50 and a fifty-two week high of $17.37.

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