PureCycle Technologies (NASDAQ:PCT) Shares Gap Up – What’s Next?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $10.20, but opened at $11.57. PureCycle Technologies shares last traded at $12.0250, with a volume of 2,834,062 shares traded.

Wall Street Analyst Weigh In

PCT has been the subject of a number of recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Thursday, January 22nd. TD Cowen cut their price target on PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Cantor Fitzgerald cut their price target on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, February 27th. Finally, Wall Street Zen downgraded PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 10th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

PureCycle Technologies Trading Up 1.6%

The stock has a 50 day simple moving average of $6.75 and a 200-day simple moving average of $8.50. The firm has a market capitalization of $2.28 billion, a P/E ratio of -8.56 and a beta of 2.31. The company has a current ratio of 1.71, a quick ratio of 1.57 and a debt-to-equity ratio of 47.59.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.05. The business had revenue of $4.13 million during the quarter, compared to the consensus estimate of $3.83 million. PureCycle Technologies had a negative return on equity of 393.01% and a negative net margin of 2,062.36%. On average, equities research analysts forecast that PureCycle Technologies, Inc. will post -0.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Hohimer Wealth Management LLC bought a new position in PureCycle Technologies in the 3rd quarter worth approximately $6,452,000. SWS Partners boosted its stake in PureCycle Technologies by 31.9% in the 4th quarter. SWS Partners now owns 988,463 shares of the company’s stock worth $8,491,000 after purchasing an additional 238,947 shares during the period. Fiscal Wisdom Wealth Management LLC bought a new position in PureCycle Technologies in the 3rd quarter worth approximately $2,798,000. Principal Financial Group Inc. bought a new position in PureCycle Technologies in the 3rd quarter worth approximately $890,000. Finally, First National Bank of Omaha bought a new position in PureCycle Technologies in the 3rd quarter worth approximately $2,684,000. 63.01% of the stock is currently owned by institutional investors.

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.