PureCycle Technologies (NASDAQ:PCT) Price Target Lowered to $6.00 at TD Cowen

PureCycle Technologies (NASDAQ:PCT) had its price target lowered by TD Cowen from $7.00 to $6.00 in a research report issued on Friday. The brokerage presently has a “hold” rating on the stock. TD Cowen’s target price would suggest a potential downside of 32.97% from the stock’s previous close.

PCT has been the subject of several other research reports. Cantor Fitzgerald cut their price objective on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Thursday, January 22nd. Finally, Wall Street Zen upgraded shares of PureCycle Technologies from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.00.

PureCycle Technologies Stock Performance

NASDAQ:PCT opened at $8.95 on Friday. The company has a quick ratio of 2.15, a current ratio of 2.26 and a debt-to-equity ratio of 7.62. The firm has a 50-day moving average price of $6.30 and a 200 day moving average price of $8.58. The firm has a market capitalization of $1.62 billion, a PE ratio of -6.09 and a beta of 2.31. PureCycle Technologies has a 12-month low of $4.93 and a 12-month high of $17.37.

PureCycle Technologies (NASDAQ:PCT) last issued its earnings results on Wednesday, May 6th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.05. The company 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 305.03%. Research analysts anticipate that PureCycle Technologies will post -0.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in PCT. Larson Financial Group LLC increased its holdings in PureCycle Technologies by 6,571.8% during the third 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 shares of PureCycle Technologies in the 3rd quarter worth $35,000. SHP Wealth Management purchased a new position in PureCycle Technologies during the fourth quarter valued at $43,000. Cassaday & Co Wealth Management LLC bought a new stake in PureCycle Technologies during the first quarter valued at about $33,000. Finally, Farther Finance Advisors LLC increased its position in PureCycle Technologies by 3,047.8% in the fourth quarter. Farther Finance Advisors LLC now owns 9,160 shares of the company’s stock worth $79,000 after buying an additional 8,869 shares in the last quarter. Hedge funds and other 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.