PureCycle Technologies (NASDAQ:PCT) Cut to "Sell" at Wall Street Zen

PureCycle Technologies (NASDAQ:PCT - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Monday.

Several other equities research analysts have also recently weighed in on PCT. Cantor Fitzgerald reiterated an "overweight" rating and issued a $16.00 target price (up previously from $12.00) on shares of PureCycle Technologies in a research note on Tuesday, June 24th. TD Cowen upgraded shares of PureCycle Technologies to a "strong-buy" rating in a research note on Monday, June 23rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $12.50.

PureCycle Technologies Stock Performance

Shares of NASDAQ PCT traded down $0.31 during midday trading on Monday, hitting $15.58. 2,462,729 shares of the company's stock were exchanged, compared to its average volume of 3,852,499. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.55 and a quick ratio of 0.45. The stock's 50 day moving average price is $12.59 and its 200-day moving average price is $9.65. The firm has a market cap of $2.80 billion, a P/E ratio of -13.32 and a beta of 1.90. PureCycle Technologies has a twelve month low of $4.50 and a twelve month high of $17.37.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.02). The business had revenue of $1.58 million during the quarter, compared to the consensus estimate of $4.27 million. Equities research analysts anticipate that PureCycle Technologies will post -1.01 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PCT. Proficio Capital Partners LLC acquired a new position in shares of PureCycle Technologies during the 4th quarter worth approximately $127,000. Raymond James Financial Inc. acquired a new position in shares of PureCycle Technologies during the 4th quarter worth approximately $1,415,000. Swiss National Bank boosted its position in shares of PureCycle Technologies by 5.4% during the 4th quarter. Swiss National Bank now owns 238,800 shares of the company's stock worth $2,448,000 after acquiring an additional 12,300 shares in the last quarter. Corient Private Wealth LLC boosted its position in shares of PureCycle Technologies by 29.5% during the 4th quarter. Corient Private Wealth LLC now owns 59,285 shares of the company's stock worth $608,000 after acquiring an additional 13,500 shares in the last quarter. Finally, Cibc World Markets Corp acquired a new stake in shares of PureCycle Technologies during the 4th quarter worth approximately $118,000. Institutional investors and hedge funds 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.