PureCycle Technologies (NASDAQ:PCT) Hits New 52-Week High - Here's What Happened

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $15.67 and last traded at $15.37, with a volume of 2297189 shares. The stock had previously closed at $14.56.

Wall Street Analysts Forecast Growth

PCT has been the topic of a number of research analyst reports. Cantor Fitzgerald reissued an "overweight" rating and set a $16.00 price objective (up previously from $12.00) on shares of PureCycle Technologies in a report on Tuesday, June 24th. Wall Street Zen downgraded shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a report on Saturday, July 5th. Finally, TD Cowen raised shares of PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, PureCycle Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $12.50.

PureCycle Technologies Trading Down 1.4%

The business's 50-day moving average price is $10.89 and its two-hundred day moving average price is $9.28. 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 firm has a market cap of $2.74 billion, a price-to-earnings ratio of -13.03 and a beta of 1.90.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.27) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.02). The firm had revenue of $1.58 million for the quarter, compared to analyst estimates of $4.27 million. Equities analysts expect that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Hedge Funds Weigh In On PureCycle Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the stock. NBC Securities Inc. acquired a new stake in shares of PureCycle Technologies in the first quarter worth $25,000. Jones Financial Companies Lllp increased its position in shares of PureCycle Technologies by 286.0% in the fourth quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company's stock worth $32,000 after acquiring an additional 2,291 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of PureCycle Technologies by 775.3% in the fourth quarter. Sterling Capital Management LLC now owns 3,230 shares of the company's stock worth $33,000 after acquiring an additional 2,861 shares in the last quarter. CWM LLC increased its position in shares of PureCycle Technologies by 158.7% in the first quarter. CWM LLC now owns 4,960 shares of the company's stock worth $34,000 after acquiring an additional 3,043 shares in the last quarter. Finally, US Bancorp DE increased its position in shares of PureCycle Technologies by 141.5% in the fourth quarter. US Bancorp DE now owns 3,446 shares of the company's stock worth $35,000 after acquiring an additional 2,019 shares in the last quarter. Institutional investors and hedge funds own 63.01% of the company's stock.

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.