Wall Street Zen Upgrades PureCycle Technologies (NASDAQ:PCT) to "Hold"

PureCycle Technologies (NASDAQ:PCT - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Sunday.

Several other brokerages have also recently issued reports on PCT. Cantor Fitzgerald restated an "overweight" rating and issued a $16.00 price target (up previously from $12.00) on shares of PureCycle Technologies in a research report on Tuesday, June 24th. TD Cowen upgraded PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $12.50.

PureCycle Technologies Stock Performance

Shares of PCT traded up $0.86 during midday trading on Friday, reaching $15.94. 4,341,388 shares of the stock were exchanged, compared to its average volume of 2,812,087. The business's 50-day moving average price is $11.41 and its 200 day moving average price is $9.37. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.55 and a quick ratio of 0.45. PureCycle Technologies has a twelve month low of $4.50 and a twelve month high of $16.25. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of -13.62 and a beta of 1.90.

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 analyst estimates of $4.27 million. On average, sell-side analysts expect that PureCycle Technologies will post -1.01 EPS for the current fiscal year.

Hedge Funds Weigh In On PureCycle Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kathmere Capital Management LLC boosted its stake in shares of PureCycle Technologies by 50.0% during the 2nd quarter. Kathmere Capital Management LLC now owns 15,000 shares of the company's stock worth $206,000 after acquiring an additional 5,000 shares in the last quarter. Maridea Wealth Management LLC boosted its stake in shares of PureCycle Technologies by 78.5% during the 2nd quarter. Maridea Wealth Management LLC now owns 264,150 shares of the company's stock worth $3,619,000 after acquiring an additional 116,178 shares in the last quarter. Focused Wealth Management Inc boosted its stake in shares of PureCycle Technologies by 14.5% during the 2nd quarter. Focused Wealth Management Inc now owns 19,005 shares of the company's stock worth $260,000 after acquiring an additional 2,400 shares in the last quarter. Lake Hills Wealth Management LLC boosted its stake in shares of PureCycle Technologies by 9.4% during the 2nd quarter. Lake Hills Wealth Management LLC now owns 66,270 shares of the company's stock worth $908,000 after acquiring an additional 5,670 shares in the last quarter. Finally, Apella Capital LLC boosted its stake in shares of PureCycle Technologies by 27.3% during the 2nd quarter. Apella Capital LLC now owns 56,115 shares of the company's stock worth $815,000 after acquiring an additional 12,050 shares in the last quarter. Institutional investors and hedge funds 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.