PureCycle Technologies (NASDAQ:PCT) Trading Up 7.9% – Here’s What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price was up 7.9% on Wednesday . The stock traded as high as $13.82 and last traded at $13.8650. Approximately 4,081,531 shares were traded during trading, a decline of 10% from the average daily volume of 4,553,337 shares. The stock had previously closed at $12.85.

Analyst Ratings Changes

Several equities research analysts recently commented on PCT shares. TD Cowen reduced their price objective on PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a report on Friday, May 8th. Wall Street Zen downgraded PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 10th. Finally, Cantor Fitzgerald dropped their price target on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

PureCycle Technologies Stock Up 7.0%

The company has a fifty day moving average of $8.14 and a two-hundred day moving average of $8.57. The company has a market cap of $2.49 billion, a PE ratio of -9.42 and a beta of 2.48. The company has a debt-to-equity ratio of 47.59, a quick ratio of 1.57 and a current ratio of 1.71.

PureCycle Technologies (NASDAQ:PCT) last released its earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.05. PureCycle Technologies had a negative return on equity of 393.01% and a negative net margin of 2,062.36%.The business had revenue of $4.13 million for the quarter, compared to analyst estimates of $3.83 million. As a group, analysts anticipate that PureCycle Technologies, Inc. will post -0.99 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PureCycle Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. Focused Wealth Management Inc grew its position in shares of PureCycle Technologies by 7.1% in the 4th quarter. Focused Wealth Management Inc now owns 15,005 shares of the company’s stock worth $129,000 after buying an additional 1,000 shares during the last quarter. Cherry Creek Investment Advisors Inc. boosted its holdings in PureCycle Technologies by 6.0% in the third quarter. Cherry Creek Investment Advisors Inc. now owns 24,787 shares of the company’s stock worth $326,000 after acquiring an additional 1,395 shares in the last quarter. Integrated Wealth Concepts LLC boosted its holdings in PureCycle Technologies by 4.3% in the first quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company’s stock worth $253,000 after acquiring an additional 1,516 shares in the last quarter. ProShare Advisors LLC boosted its holdings in PureCycle Technologies by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 23,738 shares of the company’s stock worth $204,000 after acquiring an additional 1,526 shares in the last quarter. Finally, Lido Advisors LLC boosted its holdings in PureCycle Technologies by 5.0% in the third quarter. Lido Advisors LLC now owns 32,824 shares of the company’s stock worth $432,000 after acquiring an additional 1,574 shares in the last quarter. Institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra?pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.

Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.