PureCycle Technologies (NASDAQ:PCT) Shares Up 5.6% - What's Next?

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report)'s share price was up 5.6% during mid-day trading on Wednesday . The stock traded as high as $14.51 and last traded at $14.91. Approximately 1,027,983 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 2,610,875 shares. The stock had previously closed at $14.12.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PCT shares. Wall Street Zen raised PureCycle Technologies from a "sell" rating to a "hold" rating in a report on Saturday. TD Cowen dropped their price target on PureCycle Technologies from $15.00 to $13.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $12.00.

PureCycle Technologies Trading Down 0.9%

The company has a market capitalization of $2.51 billion, a PE ratio of -11.96 and a beta of 1.80. The company has a current ratio of 0.55, a quick ratio of 0.45 and a debt-to-equity ratio of 1.43. The business's 50-day simple moving average is $8.33 and its two-hundred day simple moving average is $9.05.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.02). The firm had revenue of $1.58 million for the quarter, compared to analyst estimates of $4.27 million. On average, analysts predict that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Institutional Trading of PureCycle Technologies

Hedge funds have recently added to or reduced their stakes in the business. Deutsche Bank AG lifted its stake in PureCycle Technologies by 36.4% in the fourth quarter. Deutsche Bank AG now owns 111,525 shares of the company's stock valued at $1,143,000 after buying an additional 29,782 shares during the period. Cetera Investment Advisers boosted its stake in PureCycle Technologies by 22.6% in the 4th quarter. Cetera Investment Advisers now owns 60,988 shares of the company's stock valued at $625,000 after purchasing an additional 11,261 shares during the period. Vanguard Group Inc. grew its holdings in PureCycle Technologies by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 14,100,507 shares of the company's stock valued at $144,530,000 after buying an additional 758,382 shares in the last quarter. California State Teachers Retirement System increased its position in PureCycle Technologies by 3.8% during the 4th quarter. California State Teachers Retirement System now owns 113,708 shares of the company's stock worth $1,166,000 after buying an additional 4,170 shares during the period. Finally, US Bancorp DE lifted its holdings in shares of 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 in the last quarter. 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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