PureCycle Technologies (NASDAQ:PCT) Earns "Overweight" Rating from Cantor Fitzgerald

Key Points

• PureCycle Technologies' stock received an "overweight" rating from Cantor Fitzgerald, with a price target of $16.00, indicating a potential upside of 21.10% from its current price.
• The company reported a loss of ($0.35) earnings per share, missing analyst expectations, and had revenue of $1.65 million for the quarter.
• Institutional investors hold 63.01% of PureCycle Technologies' stock, with significant increases in holdings reported by Sterling Capital Management and CWM LLC.

PureCycle Technologies (NASDAQ:PCT - Get Free Report)'s stock had its "overweight" rating reissued by investment analysts at Cantor Fitzgerald in a research note issued to investors on Friday,Benzinga reports. They currently have a $16.00 price target on the stock. Cantor Fitzgerald's target price suggests a potential upside of 21.10% from the stock's current price.

Several other research analysts have also recently issued reports on the company. TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a research note on Monday, June 23rd. Wall Street Zen cut shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a report on Monday, July 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $12.50.

PureCycle Technologies Trading Up 7.0%

Shares of PCT traded up $0.86 during mid-day trading on Friday, reaching $13.21. 2,192,652 shares of the company's stock traded hands, compared to its average volume of 3,071,804. 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 is $13.44 and its two-hundred day moving average is $9.92. PureCycle Technologies has a 12 month low of $4.50 and a 12 month high of $17.37. The stock has a market cap of $2.38 billion, a P/E ratio of -11.37 and a beta of 1.94.

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 firm had revenue of $1.65 million during the quarter, compared to analyst estimates of $4.10 million. Research analysts forecast that PureCycle Technologies will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PureCycle Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the stock. NBC Securities Inc. acquired a new stake in PureCycle Technologies during the 1st quarter worth about $25,000. Sterling Capital Management LLC raised its position in PureCycle Technologies by 775.3% during the fourth quarter. Sterling Capital Management LLC now owns 3,230 shares of the company's stock valued at $33,000 after acquiring an additional 2,861 shares in the last quarter. CWM LLC raised its position in PureCycle Technologies by 158.7% during the first quarter. CWM LLC now owns 4,960 shares of the company's stock valued at $34,000 after acquiring an additional 3,043 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in PureCycle Technologies by 278.1% in the second quarter. Nisa Investment Advisors LLC now owns 2,571 shares of the company's stock valued at $35,000 after acquiring an additional 1,891 shares during the period. Finally, KBC Group NV purchased a new stake in PureCycle Technologies in the 1st quarter worth approximately $41,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

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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