PureCycle Technologies (NASDAQ:PCT) Trading 9.4% Higher – Here’s What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT) traded up 9.4% on Wednesday . The company traded as high as $8.88 and last traded at $8.9610. 3,225,966 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 4,976,624 shares. The stock had previously closed at $8.19.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. 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 research note on Friday, May 8th. Cantor Fitzgerald reduced their price objective 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. Weiss Ratings reiterated a “sell (e+)” rating on shares of PureCycle Technologies in a research note on Friday, June 5th. Alembic Global Advisors set a $16.00 price objective on shares of PureCycle Technologies in a research note on Tuesday. Finally, Northland Securities set a $13.00 price objective on shares of PureCycle Technologies in a research note on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, PureCycle Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.25.

PureCycle Technologies Stock Up 5.7%

The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of -5.88 and a beta of 2.48. The company has a current ratio of 1.71, a quick ratio of 1.57 and a debt-to-equity ratio of 47.59. The firm’s 50 day simple moving average is $9.36 and its 200-day simple moving average is $8.75.

PureCycle Technologies (NASDAQ:PCT) last issued its earnings results on Wednesday, May 6th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.05. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. The company had revenue of $4.13 million for the quarter, compared to analyst estimates of $3.83 million. On average, sell-side analysts anticipate that PureCycle Technologies, Inc. will post -0.97 EPS for the current fiscal year.

Hedge Funds Weigh In On PureCycle Technologies

Institutional investors have recently made changes to their positions in the stock. Hohimer Wealth Management LLC acquired a new stake in shares of PureCycle Technologies during the 3rd quarter worth about $6,452,000. SWS Partners lifted its stake in shares of PureCycle Technologies by 31.9% during the fourth quarter. SWS Partners now owns 988,463 shares of the company’s stock valued at $8,491,000 after buying an additional 238,947 shares during the period. Fiscal Wisdom Wealth Management LLC acquired a new stake in PureCycle Technologies during the third quarter worth approximately $2,798,000. Principal Financial Group Inc. purchased a new stake in PureCycle Technologies in the 3rd quarter worth approximately $890,000. Finally, First National Bank of Omaha purchased a new stake in PureCycle Technologies in the 3rd quarter worth approximately $2,684,000. 63.01% of the stock is owned by institutional investors and hedge funds.

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.