PureCycle Technologies (NASDAQ:PCT) Shares Up 7.6% – Still a Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT) shares shot up 7.6% during mid-day trading on Monday . The stock traded as high as $6.86 and last traded at $6.8530. 647,191 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 4,863,830 shares. The stock had previously closed at $6.37.

Wall Street Analyst Weigh In

Several analysts recently commented on PCT shares. Northland Securities set a $13.00 price objective on shares of PureCycle Technologies in a research report on Friday, June 12th. Alembic Global Advisors set a $16.00 target price on shares of PureCycle Technologies in a report on Tuesday, June 16th. TD Cowen dropped their target price on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. Wall Street Zen cut shares of PureCycle Technologies from a “sell” rating to a “strong sell” rating in a report on Sunday, May 10th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a research report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, PureCycle Technologies has a consensus rating of “Moderate Buy” and an average target price of $12.25.

PureCycle Technologies Trading Up 7.3%

The stock has a 50 day moving average of $8.61 and a 200-day moving average of $8.32. The company has a market capitalization of $1.24 billion, a P/E ratio of -4.63 and a beta of 2.50. The company has a current ratio of 1.71, a quick ratio of 1.57 and a debt-to-equity ratio of 47.59.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.05. The business had revenue of $4.13 million for the quarter, compared to the consensus estimate of $3.83 million. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. On average, research analysts predict that PureCycle Technologies, Inc. will post -1 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PCT. Rokos Capital Management LLP purchased a new position in shares of PureCycle Technologies during the first quarter valued at about $7,526,000. Simplify Asset Management Inc. lifted its position in PureCycle Technologies by 227.4% during the fourth quarter. Simplify Asset Management Inc. now owns 1,933,564 shares of the company’s stock valued at $16,609,000 after purchasing an additional 1,342,955 shares during the last quarter. HRT Financial LP grew its stake in shares of PureCycle Technologies by 208.2% in the 4th quarter. HRT Financial LP now owns 1,072,543 shares of the company’s stock worth $9,213,000 after buying an additional 724,495 shares in the last quarter. Indivisible Partners purchased a new position in PureCycle Technologies in the fourth quarter worth about $5,803,000. Finally, Millennium Management LLC purchased a new stake in PureCycle Technologies during the first quarter valued at approximately $3,770,000. 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.