PureCycle Technologies (NASDAQ:PCT) Sets New 52-Week High - Time to Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report)'s share price hit a new 52-week high 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.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PCT shares. TD Cowen upgraded shares of PureCycle Technologies to a "strong-buy" rating in a research note on Monday, June 23rd. Cantor Fitzgerald restated an "overweight" rating and issued a $16.00 price objective (up from $12.00) on shares of PureCycle Technologies in a research note on Tuesday, June 24th. Finally, Wall Street Zen cut shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research note on Saturday, July 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $12.50.

PureCycle Technologies Trading Down 1.4%

The company has a market cap of $2.74 billion, a price-to-earnings ratio of -13.03 and a beta of 1.90. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.45 and a current ratio of 0.55. The business's 50 day moving average price is $11.06 and its 200-day moving average price is $9.30.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.27) earnings per share (EPS) 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 the consensus estimate of $4.27 million. On average, research analysts forecast that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Institutional Investors Weigh In On PureCycle Technologies

Large investors have recently made changes to their positions in the company. Sylebra Capital LLC increased its position in PureCycle Technologies by 1.9% in the 1st quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company's stock valued at $235,817,000 after acquiring an additional 619,925 shares in the last quarter. Vanguard Group Inc. increased its position in PureCycle Technologies by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company's stock valued at $102,149,000 after acquiring an additional 660,837 shares in the last quarter. Samlyn Capital LLC increased its position in PureCycle Technologies by 19.1% in the 1st quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company's stock valued at $43,057,000 after acquiring an additional 997,337 shares in the last quarter. Duquesne Family Office LLC increased its position in PureCycle Technologies by 111.3% in the 1st quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company's stock valued at $23,285,000 after acquiring an additional 1,772,342 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in PureCycle Technologies by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 3,185,348 shares of the company's stock valued at $32,658,000 after acquiring an additional 60,903 shares in the last quarter. Institutional investors 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.