PureCycle Technologies (NASDAQ:PCT) Trading Up 5% - What's Next?

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report)'s stock price shot up 5% during trading on Monday . The stock traded as high as $14.03 and last traded at $14.45. 828,127 shares changed hands during trading, a decline of 70% from the average session volume of 2,729,134 shares. The stock had previously closed at $13.76.

Analysts Set New Price Targets

PCT has been the subject of several recent research reports. Wall Street Zen cut shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research report on Saturday. Cantor Fitzgerald restated an "overweight" rating and issued a $16.00 price objective (up from $12.00) on shares of PureCycle Technologies in a report on Tuesday, June 24th. Finally, TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, PureCycle Technologies presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.50.

PureCycle Technologies Stock Up 1.3%

The stock's 50-day moving average price is $10.39 and its 200-day moving average price is $9.17. 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 stock has a market cap of $2.64 billion, a price-to-earnings ratio of -12.58 and a beta of 1.90.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.27) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.02). The business had revenue of $1.58 million for the quarter, compared to analyst estimates of $4.27 million. On average, sell-side analysts expect 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 modified their holdings of the business. Bank of New York Mellon Corp increased its stake in shares of PureCycle Technologies by 3.7% in the 4th quarter. Bank of New York Mellon Corp now owns 359,032 shares of the company's stock valued at $3,680,000 after acquiring an additional 12,878 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in PureCycle Technologies in the fourth quarter valued at $127,000. US Bancorp DE increased its stake 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 purchasing an additional 2,019 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of PureCycle Technologies by 286.0% during the fourth quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company's stock valued at $32,000 after purchasing an additional 2,291 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of PureCycle Technologies by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,137,300 shares of the company's stock worth $11,657,000 after purchasing an additional 37,019 shares in the last quarter. 63.01% of the stock is currently owned by institutional investors.

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.