PureCycle Technologies (NASDAQ:PCT) Shares Up 5.6% - Time to Buy?

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PCT. TD Cowen decreased their target price 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 upgraded shares of PureCycle Technologies from a "sell" rating to a "hold" rating in a research report on Saturday, June 14th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, PureCycle Technologies currently has a consensus rating of "Moderate Buy" and an average target price of $12.00.

PureCycle Technologies Price Performance

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 firm has a market cap of $2.34 billion, a price-to-earnings ratio of -11.14 and a beta of 1.80. The company's 50-day moving average is $8.76 and its 200-day moving average is $9.08.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last posted its quarterly 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 company had revenue of $1.58 million for the quarter, compared to analyst estimates of $4.27 million. Equities research analysts predict that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Institutional Trading of PureCycle Technologies

Several large investors have recently made changes to their positions in PCT. NewEdge Advisors LLC boosted its position in PureCycle Technologies by 0.4% in the fourth quarter. NewEdge Advisors LLC now owns 322,491 shares of the company's stock valued at $3,306,000 after buying an additional 1,330 shares in the last quarter. Summit Investment Advisors Inc. boosted its position in PureCycle Technologies by 11.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 12,897 shares of the company's stock valued at $132,000 after buying an additional 1,352 shares in the last quarter. Integrated Wealth Concepts LLC boosted its position in PureCycle Technologies by 4.3% in the first quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company's stock valued at $253,000 after buying an additional 1,516 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted its position 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 buying an additional 1,753 shares in the last quarter. Finally, US Bancorp DE boosted its position in PureCycle Technologies by 141.5% in the fourth quarter. US Bancorp DE now owns 3,446 shares of the company's stock valued at $35,000 after buying an additional 2,019 shares in the last quarter. Institutional investors and hedge funds 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.