PureCycle Technologies (NASDAQ:PCT) Reaches New 52-Week High - What's Next?

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock 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 Analyst Weigh In

PCT has been the topic of several recent research reports. Wall Street Zen cut shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research note on Saturday, July 5th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $16.00 target price (up previously from $12.00) on shares of PureCycle Technologies in a research note on Tuesday, June 24th. Finally, TD Cowen raised 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 given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $12.50.

PureCycle Technologies Stock Performance

The firm's 50 day simple moving average is $10.89 and its 200-day simple moving average is $9.28. 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 company has a market cap of $2.78 billion, a price-to-earnings ratio of -13.21 and a beta of 1.90.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.02). The firm had revenue of $1.58 million for the quarter, compared to analysts' expectations of $4.27 million. On average, sell-side analysts predict that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PCT. Lake Hills Wealth Management LLC raised its holdings in PureCycle Technologies by 9.4% in the 2nd quarter. Lake Hills Wealth Management LLC now owns 66,270 shares of the company's stock valued at $908,000 after buying an additional 5,670 shares during the period. Apella Capital LLC raised its holdings in PureCycle Technologies by 27.3% in the 2nd quarter. Apella Capital LLC now owns 56,115 shares of the company's stock valued at $815,000 after buying an additional 12,050 shares during the period. SWS Partners raised its holdings in PureCycle Technologies by 2.8% in the 1st quarter. SWS Partners now owns 757,279 shares of the company's stock valued at $5,240,000 after buying an additional 20,547 shares during the period. Integrity Alliance LLC. purchased a new stake in PureCycle Technologies in the 1st quarter valued at about $277,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in PureCycle Technologies by 9.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 284,860 shares of the company's stock valued at $1,971,000 after buying an additional 23,609 shares during the period. 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.