PureCycle Technologies (NASDAQ:PCT) Hits New 1-Year High - Here's What Happened

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) hit 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 changing hands. The stock had previously closed at $14.56.

Analysts Set New Price Targets

PCT has been the subject of several recent analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $16.00 price target (up previously from $12.00) on shares of PureCycle Technologies in a research report on Tuesday, June 24th. TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. Finally, Wall Street Zen lowered PureCycle Technologies from a "hold" rating to a "sell" rating in a research report on Saturday. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, PureCycle Technologies has an average rating of "Moderate Buy" and a consensus price target of $12.50.

PureCycle Technologies Stock Performance

The company has a market capitalization of $2.76 billion, a P/E ratio of -13.13 and a beta of 1.90. The business has a 50-day moving average of $10.54 and a 200-day moving average of $9.21. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.55 and a quick ratio of 0.45.

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

Institutional Investors Weigh In On PureCycle Technologies

Institutional investors and hedge funds have recently modified their holdings of the company. Deutsche Bank AG lifted its holdings in PureCycle Technologies by 36.4% in the fourth quarter. Deutsche Bank AG now owns 111,525 shares of the company's stock valued at $1,143,000 after acquiring an additional 29,782 shares during the period. Cetera Investment Advisers lifted its holdings in PureCycle Technologies by 22.6% in the fourth quarter. Cetera Investment Advisers now owns 60,988 shares of the company's stock valued at $625,000 after acquiring an additional 11,261 shares during the period. Vanguard Group Inc. lifted its holdings in PureCycle Technologies by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 14,100,507 shares of the company's stock valued at $144,530,000 after acquiring an additional 758,382 shares during the period. California State Teachers Retirement System lifted its holdings in PureCycle Technologies by 3.8% in the fourth quarter. California State Teachers Retirement System now owns 113,708 shares of the company's stock valued at $1,166,000 after acquiring an additional 4,170 shares during the period. Finally, US Bancorp DE lifted its holdings in PureCycle Technologies by 141.5% in the fourth quarter. US Bancorp DE now owns 3,446 shares of the company's stock valued at $35,000 after acquiring an additional 2,019 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.

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