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

Key Points

• PureCycle Technologies, Inc. (NASDAQ:PCT) has received an average rating of "Buy" from five ratings firms, with price targets ranging from $12.50 to $16.00.
• The company reported a loss of ($0.35) EPS in its latest earnings announcement, missing analysts' expectations, and had revenues of $1.65 million.
• Institutional investors are significantly involved, with 63.01% of the company's stock owned by hedge funds and institutional investors, indicating strong interest in the company.

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) has received an average rating of "Buy" from the four brokerages that are currently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $14.6667.

Several analysts have commented on PCT shares. Wall Street Zen lowered PureCycle Technologies from a "hold" rating to a "sell" rating in a report on Monday, July 21st. Cantor Fitzgerald reissued an "overweight" rating and set a $16.00 price objective on shares of PureCycle Technologies in a research note on Friday, August 8th. TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. Finally, Cowen reissued a "buy" rating on shares of PureCycle Technologies in a research report on Friday.

PureCycle Technologies Price Performance

PCT traded up $0.05 during trading on Friday, hitting $13.33. The company's stock had a trading volume of 355,177 shares, compared to its average volume of 3,090,509. The company has a current ratio of 2.14, a quick ratio of 0.45 and a debt-to-equity ratio of 3.54. PureCycle Technologies has a twelve month low of $4.50 and a twelve month high of $17.37. The business's fifty day simple moving average is $13.64 and its 200 day simple moving average is $9.99. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of -7.88 and a beta of 1.94.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.12). The business had revenue of $1.65 million during the quarter, compared to the consensus estimate of $4.10 million. On average, equities research analysts forecast that PureCycle Technologies will post -1.01 EPS for the current fiscal year.

Institutional Investors Weigh In On PureCycle Technologies

Institutional investors and hedge funds have recently modified their holdings of the company. Sei Investments Co. acquired a new position in shares of PureCycle Technologies during the 4th quarter worth about $126,000. Geode Capital Management LLC boosted its position in shares of PureCycle Technologies by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 3,185,348 shares of the company's stock worth $32,658,000 after acquiring an additional 60,903 shares in the last quarter. Envestnet Asset Management Inc. acquired a new position in shares of PureCycle Technologies during the 4th quarter worth about $315,000. Federated Hermes Inc. acquired a new position in shares of PureCycle Technologies during the 4th quarter worth about $675,000. Finally, Bank of Montreal Can boosted its position in shares of PureCycle Technologies by 11.6% during the 4th quarter. Bank of Montreal Can now owns 419,018 shares of the company's stock worth $4,295,000 after acquiring an additional 43,496 shares in the last quarter. Hedge funds and other institutional investors own 63.01% of the company's stock.

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.