TD Cowen Cuts PureCycle Technologies (NASDAQ:PCT) Price Target to $13.00

PureCycle Technologies (NASDAQ:PCT) had its price target cut by TD Cowen from $15.00 to $13.00 in a research note published on Thursday, MarketBeat reports. They currently have a buy rating on the stock.

PureCycle Technologies Stock Performance

PCT stock opened at $7.29 on Thursday. The firm has a market cap of $1.31 billion, a price-to-earnings ratio of -4.86 and a beta of 1.68. PureCycle Technologies has a twelve month low of $4.50 and a twelve month high of $15.58. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. The business’s fifty day simple moving average is $6.98 and its two-hundred day simple moving average is $9.59.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.02). The company had revenue of $1.58 million for the quarter, compared to the consensus estimate of $4.27 million. Analysts predict that PureCycle Technologies will post -1.01 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PCT. NBC Securities Inc. bought a new position in shares of PureCycle Technologies during the 1st quarter worth $25,000. Jones Financial Companies Lllp grew its holdings in PureCycle Technologies by 286.0% during the 4th quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company’s stock worth $32,000 after acquiring an additional 2,291 shares in the last quarter. Sterling Capital Management LLC increased its position in PureCycle Technologies by 775.3% during the 4th quarter. Sterling Capital Management LLC now owns 3,230 shares of the company’s stock valued at $33,000 after purchasing an additional 2,861 shares during the period. CWM LLC lifted its position in shares of 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 purchasing an additional 3,043 shares during the period. Finally, US Bancorp DE boosted its stake in shares of PureCycle Technologies by 141.5% during the fourth quarter. US Bancorp DE now owns 3,446 shares of the company’s stock valued at $35,000 after purchasing an additional 2,019 shares in the last quarter. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

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.