PureCycle Technologies (NASDAQ:PCT) Rating Lowered to Sell at Wall Street Zen

PureCycle Technologies (NASDAQ:PCT - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

Other equities analysts have also issued research reports about the company. Cantor Fitzgerald restated an "overweight" rating and set a $16.00 price objective (up previously from $12.00) on shares of PureCycle Technologies in a research note on Tuesday, June 24th. TD Cowen upgraded PureCycle Technologies to a "strong-buy" rating in a research note on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, PureCycle Technologies has an average rating of "Moderate Buy" and a consensus price target of $12.50.

PureCycle Technologies Stock Performance

NASDAQ:PCT opened at $13.67 on Friday. The stock has a market cap of $2.45 billion, a P/E ratio of -11.68 and a beta of 1.90. The stock has a 50 day simple moving average of $10.23 and a 200 day simple moving average of $9.16. The company has a current ratio of 0.55, a quick ratio of 0.45 and a debt-to-equity ratio of 1.43. PureCycle Technologies has a 1-year low of $4.50 and a 1-year high of $15.58.

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

Hedge Funds Weigh In On PureCycle Technologies

A number of institutional investors have recently modified their holdings of the business. Sylebra Capital LLC raised its holdings in shares of PureCycle Technologies by 1.9% during the 1st quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company's stock worth $235,817,000 after buying an additional 619,925 shares in the last quarter. Vanguard Group Inc. grew its position in PureCycle Technologies by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company's stock worth $102,149,000 after acquiring an additional 660,837 shares during the last quarter. Samlyn Capital LLC grew its position in PureCycle Technologies by 19.1% during the 1st quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company's stock worth $43,057,000 after acquiring an additional 997,337 shares during the last quarter. Duquesne Family Office LLC grew 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 worth $23,285,000 after acquiring an additional 1,772,342 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in PureCycle Technologies by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 3,185,348 shares of the company's stock worth $32,658,000 after acquiring an additional 60,903 shares during the last quarter. 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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