PureCycle Technologies (NASDAQ:PCT) Stock Price Up 8.1% - Time to Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report)'s share price shot up 8.1% during trading on Monday . The company traded as high as $10.63 and last traded at $10.69. 2,006,451 shares traded hands during trading, a decline of 25% from the average session volume of 2,671,278 shares. The stock had previously closed at $9.88.

Wall Street Analyst Weigh In

Separately, TD Cowen lowered their price target on PureCycle Technologies from $15.00 to $13.00 and set a "buy" rating for the company in a report on Thursday, May 8th.

PureCycle Technologies Price Performance

The stock has a fifty day moving average of $7.94 and a 200-day moving average of $9.10. 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 stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of -7.78 and a beta of 1.80.

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

Institutional Investors Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. SWS Partners lifted its stake in PureCycle Technologies by 2.8% in the first quarter. SWS Partners now owns 757,279 shares of the company's stock valued at $5,240,000 after buying an additional 20,547 shares during the last quarter. Integrity Alliance LLC. purchased a new stake in PureCycle Technologies in the first quarter valued at approximately $277,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in PureCycle Technologies by 9.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 284,860 shares of the company's stock valued at $1,971,000 after buying an additional 23,609 shares during the last quarter. Sylebra Capital LLC lifted its stake in PureCycle Technologies by 1.9% in the first quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company's stock valued at $235,817,000 after buying an additional 619,925 shares during the last quarter. Finally, Samlyn Capital LLC lifted its stake in PureCycle Technologies by 19.1% in the first quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company's stock valued at $43,057,000 after buying an additional 997,337 shares during the last quarter. Hedge funds and other institutional investors own 63.01% of the company's stock.

About PureCycle Technologies

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.