PureCycle Technologies (NASDAQ:PCT) Sets New 1-Year High - Should You Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $16.15 and last traded at $15.94, with a volume of 2537006 shares traded. The stock had previously closed at $15.08.

Wall Street Analysts Forecast Growth

PCT has been the topic of a number of recent research reports. TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a research note on Monday, June 23rd. Wall Street Zen raised PureCycle Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $16.00 price target (up previously from $12.00) on shares of PureCycle Technologies in a research note on Tuesday, June 24th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, PureCycle Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $12.50.

PureCycle Technologies Stock Up 2.5%

The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of -14.46 and a beta of 1.90. The stock has a 50 day moving average of $11.97 and a 200 day moving average of $9.50. The company has a quick ratio of 0.45, a current ratio of 0.55 and a debt-to-equity ratio of 1.43.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its earnings results 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 business had revenue of $1.58 million for the quarter, compared to analysts' expectations of $4.27 million. As a group, analysts expect that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PCT. NBC Securities Inc. acquired a new stake in shares of PureCycle Technologies during the 1st quarter valued at $25,000. Sterling Capital Management LLC lifted its stake in shares of PureCycle Technologies by 775.3% in the 4th quarter. Sterling Capital Management LLC now owns 3,230 shares of the company's stock valued at $33,000 after purchasing an additional 2,861 shares during the last quarter. CWM LLC lifted its stake in shares of PureCycle Technologies by 158.7% in the 1st quarter. CWM LLC now owns 4,960 shares of the company's stock valued at $34,000 after purchasing an additional 3,043 shares during the last quarter. KBC Group NV acquired a new stake in shares of PureCycle Technologies in the 1st quarter valued at $41,000. Finally, Kathmere Capital Management LLC acquired a new stake in shares of PureCycle Technologies in the 1st quarter valued at $69,000. 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.