PureCycle Technologies (NASDAQ:PCT) Stock Rating Upgraded by TD Cowen

PureCycle Technologies (NASDAQ:PCT - Get Free Report) was upgraded by equities research analysts at TD Cowen to a "strong-buy" rating in a report issued on Monday,Zacks.com reports.

Separately, Wall Street Zen upgraded shares of PureCycle Technologies from a "sell" rating to a "hold" rating in a research note on Saturday, June 14th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $12.50.

PureCycle Technologies Price Performance

Shares of NASDAQ PCT traded up $0.07 during mid-day trading on Monday, hitting $13.87. 3,951,162 shares of the stock were exchanged, compared to its average volume of 2,679,024. The stock's fifty day simple moving average is $9.04 and its two-hundred day simple moving average is $9.06. PureCycle Technologies has a twelve month low of $4.50 and a twelve month high of $15.58. The company has a market cap of $2.49 billion, a P/E ratio of -11.85 and a beta of 1.80. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.45 and a current ratio of 0.55.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.27) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.02). The firm had revenue of $1.58 million during the quarter, compared to the consensus estimate of $4.27 million. As a group, analysts forecast that PureCycle Technologies will post -1.01 EPS for the current fiscal year.

Hedge Funds Weigh In On PureCycle Technologies

Several institutional investors and hedge funds have recently bought and sold shares of PCT. Sylebra Capital LLC increased its holdings in shares of PureCycle Technologies by 1.9% in the first quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company's stock worth $235,817,000 after purchasing an additional 619,925 shares during the period. Vanguard Group Inc. increased its position in shares of PureCycle Technologies by 4.7% during the first quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company's stock valued at $102,149,000 after buying an additional 660,837 shares during the period. Samlyn Capital LLC raised its holdings in PureCycle Technologies by 19.1% in the first quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company's stock worth $43,057,000 after purchasing an additional 997,337 shares in the last quarter. Duquesne Family Office LLC lifted its position in PureCycle Technologies by 111.3% during 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 during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of PureCycle Technologies by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 3,185,348 shares of the company's stock valued at $32,658,000 after purchasing an additional 60,903 shares during the last quarter. 63.01% of the stock is owned by institutional investors.

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.