PureCycle Technologies (NASDAQ:PCT) Trading 5% Higher - Here's Why

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PCT shares. Wall Street Zen lowered shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research report on Saturday, July 5th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $16.00 price target (up previously from $12.00) on shares of PureCycle Technologies in a research report on Tuesday, June 24th. Finally, TD Cowen raised shares of 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, one has issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $12.50.

PureCycle Technologies Stock Up 0.7%

The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.45 and a current ratio of 0.55. The company has a market capitalization of $2.78 billion, a PE ratio of -13.21 and a beta of 1.90. The company's fifty day moving average is $10.71 and its 200-day moving average is $9.25.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last posted its 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 firm had revenue of $1.58 million during the quarter, compared to analysts' expectations of $4.27 million. As a group, analysts predict that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Institutional Trading of PureCycle Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Duquesne Family Office LLC boosted its position in PureCycle Technologies by 111.3% during the first quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company's stock valued at $23,285,000 after purchasing an additional 1,772,342 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in PureCycle Technologies in the fourth quarter worth about $13,859,000. Samlyn Capital LLC boosted its holdings in PureCycle Technologies by 19.1% in the first quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company's stock worth $43,057,000 after acquiring an additional 997,337 shares in the last quarter. Vanguard Group Inc. boosted its holdings in PureCycle Technologies by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 14,100,507 shares of the company's stock worth $144,530,000 after acquiring an additional 758,382 shares in the last quarter. Finally, Huntleigh Advisors Inc. acquired a new stake in PureCycle Technologies in the first quarter worth about $4,844,000. Hedge funds and other institutional investors 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.