PureCycle Technologies (NASDAQ:PCT) Downgraded to “Strong Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of PureCycle Technologies (NASDAQ:PCT) from a sell rating to a strong sell rating in a research note released on Sunday morning.

PCT has been the subject of several other research reports. Cantor Fitzgerald dropped their price objective on shares of PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, February 27th. TD Cowen dropped their price objective on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Friday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $12.00.

PureCycle Technologies Price Performance

PCT opened at $9.53 on Friday. PureCycle Technologies has a twelve month low of $4.93 and a twelve month high of $17.37. The company has a quick ratio of 1.57, a current ratio of 1.71 and a debt-to-equity ratio of 47.59. The company has a 50-day moving average price of $6.30 and a 200 day moving average price of $8.58. The company has a market cap of $1.72 billion, a PE ratio of -6.48 and a beta of 2.31.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $3.83 million. Sell-side analysts expect that PureCycle Technologies will post -0.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PureCycle Technologies

A number of hedge funds have recently made changes to their positions in PCT. Royal Bank of Canada boosted its position in shares of PureCycle Technologies by 62.4% during the 1st quarter. Royal Bank of Canada now owns 1,042,338 shares of the company’s stock worth $7,213,000 after purchasing an additional 400,520 shares during the period. AQR Capital Management LLC boosted its position in PureCycle Technologies by 67.9% in the 1st quarter. AQR Capital Management LLC now owns 20,963 shares of the company’s stock valued at $145,000 after buying an additional 8,478 shares during the period. Integrated Wealth Concepts LLC grew its stake in shares of PureCycle Technologies by 4.3% in the first quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company’s stock worth $253,000 after acquiring an additional 1,516 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of PureCycle Technologies by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,249 shares of the company’s stock worth $507,000 after acquiring an additional 3,161 shares in the last quarter. Finally, Millennium Management LLC acquired a new position in shares of PureCycle Technologies in the first quarter worth $3,770,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.

About PureCycle Technologies

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.