PureCycle Technologies (NASDAQ:PCT) Upgraded by Seaport Res Ptn to "Strong-Buy" Rating

Key Points

• PureCycle Technologies has been upgraded to a "strong-buy" rating by Seaport Res Ptn, reflecting positive analyst sentiment as the stock continues to attract attention from investment firms.
• Despite providing a revenue of only $1.65 million against an expectation of $4.10 million in its latest earnings report, the company has a market capitalization of $2.33 billion.
• Currently, the stock has an average rating of "Buy" with a consensus price target of $15.00, indicating a generally optimistic outlook from equities analysts.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) was upgraded by investment analysts at Seaport Res Ptn to a "strong-buy" rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

PCT has been the subject of several other reports. Cowen reissued a "buy" rating on shares of PureCycle Technologies in a report on Friday, August 8th. Northland Securities assumed coverage on shares of PureCycle Technologies in a report on Wednesday, August 27th. They set an "outperform" rating and a $16.00 price target for the company. Wall Street Zen lowered shares of 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 price target on shares of PureCycle Technologies in a report on Friday, August 8th. Finally, Northland Capmk raised PureCycle Technologies to a "strong-buy" rating in a research report on Tuesday, August 26th. Three equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $15.00.

PureCycle Technologies Price Performance

PCT stock opened at $12.94 on Wednesday. The stock has a 50-day moving average price of $13.57 and a two-hundred day moving average price of $11.74. PureCycle Technologies has a 1 year low of $5.40 and a 1 year high of $17.37. The stock has a market cap of $2.33 billion, a PE ratio of -7.66 and a beta of 2.01. The company has a current ratio of 2.14, a quick ratio of 2.07 and a debt-to-equity ratio of 3.54.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its 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 company had revenue of $1.65 million for the quarter, compared to analyst estimates of $4.10 million. Equities analysts forecast that PureCycle Technologies will post -1.01 EPS for the current fiscal year.

Institutional Trading of PureCycle Technologies

Several hedge funds have recently added to or reduced their stakes in the stock. KBC Group NV purchased a new position in PureCycle Technologies in the first quarter valued at approximately $41,000. Koshinski Asset Management Inc. purchased a new position in PureCycle Technologies in the 1st quarter valued at approximately $89,000. Teacher Retirement System of Texas bought a new stake in PureCycle Technologies during the 1st quarter valued at $131,000. Huntleigh Advisors Inc. purchased a new position in shares of PureCycle Technologies in the first quarter valued at $4,844,000. Finally, Envestnet Asset Management Inc. boosted its stake in PureCycle Technologies by 123.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 68,759 shares of the company's stock worth $476,000 after purchasing an additional 37,985 shares during the period. 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.

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