PureCycle Technologies (NASDAQ:PCT) Shares Up 11% - Time to Buy?

Key Points

• PureCycle Technologies shares jumped 11% intraday, trading as high as $7.43 after closing at $6.76 the prior session. Trading volume was well below average, suggesting the move happened on lighter activity.
• Analyst opinions are mixed but tilt positive overall: recent price targets range from $6 to $16, with MarketBeat citing a consensus rating of Moderate Buy and an average target price of $12.25.
• The company beat quarterly earnings expectations, reporting a loss of $0.21 per share versus the expected loss of $0.26, while revenue also came in ahead of estimates at $4.13 million.

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) were up 11% during mid-day trading on Wednesday . The stock traded as high as $7.43 and last traded at $7.5060. Approximately 798,179 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 4,958,784 shares. The stock had previously closed at $6.76.

Analyst Ratings Changes

Several research firms recently commented on PCT. Alembic Global Advisors set a $16.00 target price on PureCycle Technologies in a report on Tuesday, June 16th. Wall Street Zen cut shares of PureCycle Technologies from a "sell" rating to a "strong sell" rating in a research note on Sunday, May 10th. Northland Securities set a $13.00 target price on shares of PureCycle Technologies in a report on Friday, June 12th. TD Cowen decreased their target price on shares of PureCycle Technologies from $7.00 to $6.00 and set a "hold" rating for the company in a research note on Friday, May 8th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of PureCycle Technologies in a report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $12.25.

PureCycle Technologies Stock Up 3.9%

The business's 50 day moving average is $9.81 and its 200-day moving average is $8.60. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of -4.78 and a beta of 2.50. The company has a debt-to-equity ratio of 47.59, a quick ratio of 1.57 and a current ratio of 1.71.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.21) earnings per share for the quarter, topping analysts' consensus estimates of ($0.26) by $0.05. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. The company had revenue of $4.13 million during the quarter, compared to analysts' expectations of $3.83 million. On average, sell-side analysts predict that PureCycle Technologies, Inc. will post -1 EPS for the current fiscal year.

Institutional Investors Weigh In On PureCycle Technologies

Large investors have recently bought and sold shares of the company. Cassaday & Co Wealth Management LLC acquired a new position in PureCycle Technologies in the 1st quarter valued at $33,000. Larson Financial Group LLC grew its holdings in shares of PureCycle Technologies by 6,571.8% during the third quarter. Larson Financial Group LLC now owns 2,602 shares of the company's stock worth $34,000 after buying an additional 2,563 shares in the last quarter. Advisory Services Network LLC acquired a new stake in shares of PureCycle Technologies in the third quarter valued at about $35,000. SHP Wealth Management purchased a new position in shares of PureCycle Technologies in the fourth quarter worth about $43,000. Finally, Sigma Planning Corp acquired a new position in PureCycle Technologies during the first quarter worth about $53,000. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

About PureCycle Technologies

PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra‐pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.

Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.

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