PureCycle Technologies (NASDAQ:PCT) Trading Up 12.2% - Should You Buy?

Key Points

• PureCycle Technologies' stock surged 12.2% during mid-day trading, reaching a price of $14.78 after closing at $13.17, with a trading volume increase of 5% compared to average daily volume.
• Analysts have mixed ratings on the stock, with two Strong Buy ratings, four Buy ratings, and one Sell rating, while the average target price stands at $15.00 based on current analyst evaluations.
• Institutional investors own approximately 63.01% of PureCycle's shares, highlighting significant interest and investment from various hedge funds and institutional firms.

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report)'s stock price was up 12.2% during mid-day trading on Tuesday . The company traded as high as $14.39 and last traded at $14.78. Approximately 3,095,666 shares were traded during trading, an increase of 5% from the average daily volume of 2,949,555 shares. The stock had previously closed at $13.17.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PCT shares. Cantor Fitzgerald restated an "overweight" rating and set a $16.00 price objective on shares of PureCycle Technologies in a report on Friday, August 8th. Northland Securities began coverage on shares of PureCycle Technologies in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $16.00 price target for the company. Cowen reiterated a "buy" rating on shares of PureCycle Technologies in a research report on Friday, August 8th. Weiss Ratings reiterated a "sell (d-)" rating on shares of PureCycle Technologies in a research report on Wednesday, October 8th. Finally, TD Cowen upgraded shares of PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $15.00.

PureCycle Technologies Stock Up 12.1%

The company has a debt-to-equity ratio of 3.54, a current ratio of 2.14 and a quick ratio of 2.07. The stock has a fifty day moving average of $13.43 and a two-hundred day moving average of $11.46. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of -8.74 and a beta of 2.01.

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 analysts' expectations of $4.10 million. Sell-side analysts anticipate that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Hedge Funds Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in PCT. GAMMA Investing LLC boosted its position in shares of PureCycle Technologies by 1,693.0% during the 1st quarter. GAMMA Investing LLC now owns 12,587 shares of the company's stock worth $87,000 after purchasing an additional 11,885 shares in the last quarter. Foster Victor Wealth Advisors LLC boosted its position in shares of PureCycle Technologies by 25.9% during the 1st quarter. Foster Victor Wealth Advisors LLC now owns 35,193 shares of the company's stock worth $244,000 after purchasing an additional 7,242 shares in the last quarter. Copia Wealth Management boosted its position in shares of PureCycle Technologies by 11.8% during the 1st quarter. Copia Wealth Management now owns 56,064 shares of the company's stock worth $388,000 after purchasing an additional 5,898 shares in the last quarter. Fortitude Advisory Group L.L.C. bought a new position in shares of PureCycle Technologies during the 1st quarter worth about $152,000. Finally, Huntleigh Advisors Inc. bought a new position in shares of PureCycle Technologies during the 1st quarter worth about $4,844,000. 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.

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