TD Cowen Reaffirms “Hold” Rating for PureCycle Technologies (NASDAQ:PCT)

PureCycle Technologies (NASDAQ:PCT)‘s stock had its “hold” rating reissued by equities researchers at TD Cowen in a note issued to investors on Monday, Marketbeat reports. They currently have a $9.00 price objective on the stock, down from their prior price objective of $16.00. TD Cowen’s price objective suggests a potential upside of 7.27% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $16.00 target price on shares of PureCycle Technologies in a research note on Friday, August 8th. Seaport Res Ptn upgraded PureCycle Technologies to a “strong-buy” rating in a research report on Wednesday, October 22nd. Cowen restated a “buy” rating on shares of PureCycle Technologies in a research report on Friday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Wednesday, October 8th. Finally, Northland Securities assumed coverage on shares of PureCycle Technologies in a research note on Wednesday, August 27th. They set an “outperform” rating and a $16.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $13.67.

PureCycle Technologies Trading Up 0.2%

Shares of PCT opened at $8.39 on Monday. PureCycle Technologies has a 1-year low of $5.40 and a 1-year high of $17.37. The company has a market capitalization of $1.51 billion, a P/E ratio of -5.75 and a beta of 2.01. The company has a debt-to-equity ratio of 5.21, a current ratio of 2.24 and a quick ratio of 2.15. The firm’s 50 day simple moving average is $12.05 and its 200 day simple moving average is $12.49.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.19). The firm had revenue of $2.43 million for the quarter, compared to analysts’ expectations of $6.04 million. Sell-side analysts forecast that PureCycle Technologies will post -1.01 earnings per share for the current fiscal year.

Institutional Trading of PureCycle Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of PCT. Nisa Investment Advisors LLC grew its holdings in shares of PureCycle Technologies by 278.1% in the second quarter. Nisa Investment Advisors LLC now owns 2,571 shares of the company’s stock worth $35,000 after purchasing an additional 1,891 shares during the last quarter. Larson Financial Group LLC raised its holdings in PureCycle Technologies by 6,571.8% during the 3rd quarter. Larson Financial Group LLC now owns 2,602 shares of the company’s stock valued at $34,000 after buying an additional 2,563 shares during the last quarter. Advisory Services Network LLC purchased a new stake in PureCycle Technologies during the 3rd quarter valued at $35,000. CWM LLC grew its holdings in PureCycle Technologies by 158.7% in the 1st quarter. CWM LLC now owns 4,960 shares of the company’s stock worth $34,000 after acquiring an additional 3,043 shares during the last quarter. Finally, Bluefin Capital Management LLC purchased a new position in shares of PureCycle Technologies in the second quarter valued at about $137,000. Institutional investors 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.