PureCycle Technologies (NASDAQ:PCT) Shares Gap Up - Still a Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $11.87, but opened at $13.75. PureCycle Technologies shares last traded at $14.81, with a volume of 3,824,468 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. TD Cowen lowered their price target on shares of PureCycle Technologies from $15.00 to $13.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Wall Street Zen raised shares of PureCycle Technologies from a "sell" rating to a "hold" rating in a report on Saturday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $12.00.

PureCycle Technologies Price Performance

The stock has a 50 day moving average price of $8.18 and a two-hundred day moving average price of $9.02. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. The firm has a market cap of $2.59 billion, a PE ratio of -9.63 and a beta of 1.80.

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 the consensus estimate of ($0.25) by ($0.02). The business had revenue of $1.58 million during the quarter, compared to the consensus estimate of $4.27 million. As a group, equities analysts expect that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PCT. NewEdge Advisors LLC increased its position in PureCycle Technologies by 0.4% during the fourth quarter. NewEdge Advisors LLC now owns 322,491 shares of the company's stock worth $3,306,000 after buying an additional 1,330 shares during the period. Summit Investment Advisors Inc. boosted its stake in shares of PureCycle Technologies by 11.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 12,897 shares of the company's stock valued at $132,000 after acquiring an additional 1,352 shares during the last quarter. Integrated Wealth Concepts LLC grew its stake in PureCycle Technologies by 4.3% in the 1st quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company's stock worth $253,000 after acquiring an additional 1,516 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its holdings in PureCycle Technologies by 11.5% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 17,049 shares of the company's stock valued at $118,000 after acquiring an additional 1,753 shares during the last quarter. Finally, US Bancorp DE grew its stake in PureCycle Technologies by 141.5% during the fourth quarter. US Bancorp DE now owns 3,446 shares of the company's stock worth $35,000 after buying an additional 2,019 shares during the period. Hedge funds and other 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.

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