PureCycle Technologies (NASDAQ:PCT) Reaches New 52-Week High - Here's Why

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) hit a new 52-week high during 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.

Analyst Ratings Changes

Several research analysts have recently commented on PCT shares. Cantor Fitzgerald reissued an "overweight" rating and set a $16.00 price objective (up previously from $12.00) on shares of PureCycle Technologies in a report on Tuesday, June 24th. TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. Finally, Wall Street Zen raised PureCycle Technologies from a "sell" rating to a "hold" rating in a report on Sunday. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $12.50.

PureCycle Technologies Stock Performance

The firm has a market cap of $2.96 billion, a PE ratio of -14.10 and a beta of 1.90. The company has a 50 day simple moving average of $11.77 and a 200-day simple moving average of $9.46. 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 data 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 business had revenue of $1.58 million during the quarter, compared to analysts' expectations of $4.27 million. As a group, equities research analysts anticipate that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Institutional Trading of PureCycle Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of PCT. Duquesne Family Office LLC raised its holdings in shares of PureCycle Technologies by 111.3% during the first 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 in the last quarter. T. Rowe Price Investment Management Inc. bought a new position in shares of PureCycle Technologies during the fourth quarter valued at approximately $13,859,000. Samlyn Capital LLC raised its holdings in shares of PureCycle Technologies by 19.1% during the first quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company's stock valued at $43,057,000 after acquiring an additional 997,337 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of PureCycle Technologies by 5.7% during 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 in the last quarter. Finally, Huntleigh Advisors Inc. bought a new position in shares of PureCycle Technologies during the first quarter valued at approximately $4,844,000. Institutional investors own 63.01% of the company's stock.

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.