PureCycle Technologies (NASDAQ:PCT) Shares Up 10.6% - Time to Buy?

Key Points

• PureCycle Technologies shares surged by 10.6% to a last traded price of $13.66, despite a notable decline in trading volume.
• The company reported a quarterly loss of ($0.35) earnings per share, falling short of analysts' expectations, with revenue of only $1.65 million against a forecast of $4.10 million.
• Analysts have mixed ratings on PureCycle, with one sell, one hold, two buy, and one strong buy rating, while the consensus price target is set at $12.50.

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report)'s stock price was up 10.6% during trading on Friday . The company traded as high as $14.23 and last traded at $13.66. Approximately 1,402,764 shares were traded during trading, a decline of 54% from the average daily volume of 3,064,326 shares. The stock had previously closed at $12.35.

Analyst Ratings Changes

A number of equities research analysts have commented on PCT shares. Wall Street Zen cut PureCycle Technologies from a "hold" rating to a "sell" rating in a report on Monday, July 21st. Cantor Fitzgerald reiterated an "overweight" rating and set a $16.00 target price on shares of PureCycle Technologies in a report on Friday. Cowen reiterated a "buy" rating on shares of PureCycle Technologies in a report on Friday. Finally, TD Cowen upgraded PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $14.67.

PureCycle Technologies Stock Performance

The company has a market cap of $2.22 billion, a PE ratio of -7.31 and a beta of 1.94. The business has a 50 day simple moving average of $13.50 and a two-hundred day simple moving average of $9.94. The company has a current ratio of 0.55, a quick ratio of 0.45 and a debt-to-equity ratio of 1.43.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.35) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.12). The business had revenue of $1.65 million during the quarter, compared to the consensus estimate of $4.10 million. On average, analysts forecast that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. NBC Securities Inc. purchased a new position in shares of PureCycle Technologies in the 1st quarter worth $25,000. Sterling Capital Management LLC raised its position in shares of PureCycle Technologies by 775.3% in the 4th quarter. Sterling Capital Management LLC now owns 3,230 shares of the company's stock worth $33,000 after buying an additional 2,861 shares during the period. CWM LLC raised its position in shares of PureCycle Technologies by 158.7% in the 1st quarter. CWM LLC now owns 4,960 shares of the company's stock worth $34,000 after buying an additional 3,043 shares during the period. Nisa Investment Advisors LLC raised its position in shares of PureCycle Technologies by 278.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,571 shares of the company's stock worth $35,000 after buying an additional 1,891 shares during the period. Finally, KBC Group NV purchased a new position in shares of PureCycle Technologies in the 1st quarter worth $41,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

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.