PureCycle Technologies (NASDAQ:PCT) Earns “Overweight” Rating from Cantor Fitzgerald

PureCycle Technologies (NASDAQ:PCT)‘s stock had its “overweight” rating reissued by analysts at Cantor Fitzgerald in a note issued to investors on Tuesday, MarketBeat Ratings reports. They presently have a $16.00 price objective on the stock, up from their prior price objective of $12.00. Cantor Fitzgerald’s price target would suggest a potential upside of 14.16% from the company’s previous close.

A number of other analysts have also recently issued reports on the company. Wall Street Zen raised PureCycle Technologies from a “sell” rating to a “hold” rating in a research report on Saturday, June 14th. TD Cowen raised PureCycle Technologies to a “strong-buy” rating in a report on Monday. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.50.

PureCycle Technologies Stock Up 1.1%

PureCycle Technologies stock traded up $0.15 during mid-day trading on Tuesday, hitting $14.02. The company had a trading volume of 239,808 shares, compared to its average volume of 2,927,831. The company has a quick ratio of 0.45, a current ratio of 0.55 and a debt-to-equity ratio of 1.43. PureCycle Technologies has a 1 year low of $4.50 and a 1 year high of $15.58. The business has a fifty day moving average of $9.20 and a 200 day moving average of $9.09. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of -11.98 and a beta of 1.80.

PureCycle Technologies (NASDAQ:PCT) last issued its earnings results on Wednesday, May 7th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.02). The firm had revenue of $1.58 million for the quarter, compared to analyst estimates of $4.27 million. On average, sell-side analysts expect that PureCycle Technologies will post -1.01 earnings per share for the current fiscal year.

Institutional Trading of PureCycle Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. Duquesne Family Office LLC boosted its stake in shares of PureCycle Technologies by 111.3% during the 1st quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company’s stock worth $23,285,000 after acquiring an additional 1,772,342 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new stake in PureCycle Technologies during the fourth quarter worth $13,859,000. Samlyn Capital LLC increased its position in shares of PureCycle Technologies by 19.1% in the first quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company’s stock valued at $43,057,000 after buying an additional 997,337 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of PureCycle Technologies by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 14,100,507 shares of the company’s stock worth $144,530,000 after buying an additional 758,382 shares during the last quarter. Finally, Huntleigh Advisors Inc. purchased a new stake in shares of PureCycle Technologies in the 1st quarter worth about $4,844,000. Hedge funds and other 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.