PureCycle Technologies (NASDAQ:PCT) Price Target Cut to $12.00 by Analysts at Cantor Fitzgerald

PureCycle Technologies (NASDAQ:PCT) had its price objective decreased by stock analysts at Cantor Fitzgerald from $14.00 to $12.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price points to a potential upside of 74.67% from the company’s previous close.

A number of other equities research analysts have also issued reports on the company. TD Cowen lowered their target price 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. Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a research report on Friday, June 5th. Alembic Global Advisors set a $16.00 price target on PureCycle Technologies in a report on Tuesday, June 16th. Northland Securities set a $13.00 price objective on shares of PureCycle Technologies in a research report on Friday, June 12th. Finally, Wall Street Zen lowered shares of 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 assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, PureCycle Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.75.

PureCycle Technologies Stock Performance

NASDAQ:PCT opened at $6.87 on Friday. PureCycle Technologies has a twelve month low of $4.93 and a twelve month high of $15.49. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -4.67 and a beta of 2.57. The company has a current ratio of 1.71, a quick ratio of 1.57 and a debt-to-equity ratio of 47.59. The firm’s fifty day simple moving average is $8.19 and its 200 day simple moving average is $8.20.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.04). The company had revenue of $4.51 million during the quarter, compared to analysts’ expectations of $6.11 million. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. As a group, equities research analysts expect that PureCycle Technologies will post -1.01 earnings per share for the current fiscal year.

Institutional Trading of PureCycle Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. Appian Way Asset Management LP boosted its holdings in PureCycle Technologies by 1.4% in the third quarter. Appian Way Asset Management LP now owns 4,315,655 shares of the company’s stock valued at $56,751,000 after purchasing an additional 59,676 shares during the last quarter. Geode Capital Management LLC grew its position in shares of PureCycle Technologies by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 3,365,871 shares of the company’s stock worth $28,918,000 after buying an additional 15,536 shares in the last quarter. Simplify Asset Management Inc. increased its stake in shares of PureCycle Technologies by 227.4% in the fourth quarter. Simplify Asset Management Inc. now owns 1,933,564 shares of the company’s stock worth $16,609,000 after buying an additional 1,342,955 shares during the last quarter. Royal Bank of Canada increased its stake in shares of PureCycle Technologies by 41.8% in the fourth quarter. Royal Bank of Canada now owns 1,671,756 shares of the company’s stock worth $14,361,000 after buying an additional 492,975 shares during the last quarter. Finally, Rokos Capital Management LLP acquired a new stake in PureCycle Technologies in the first quarter valued at $7,526,000. 63.01% of the stock is owned by hedge funds and other 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.