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

Cantor Fitzgerald restated their overweight rating on shares of PureCycle Technologies (NASDAQ:PCT) in a report published on Tuesday, MarketBeat.com reports. They currently have a $16.00 target price on the stock, up from their previous target price of $12.00.

A number of other brokerages have also issued reports on PCT. Wall Street Zen raised PureCycle Technologies from a “sell” rating to a “hold” rating in a research report on Saturday, June 14th. TD Cowen upgraded shares of PureCycle Technologies to a “strong-buy” rating in a research note on Monday. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.50.

PureCycle Technologies Stock Performance

NASDAQ:PCT opened at $14.00 on Tuesday. The firm has a 50-day moving average of $9.36 and a two-hundred day moving average of $9.10. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.55 and a quick ratio of 0.45. The stock has a market cap of $2.51 billion, a P/E ratio of -11.97 and a beta of 1.80. PureCycle Technologies has a 1-year low of $4.50 and a 1-year high of $15.58.

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

Hedge Funds Weigh In On PureCycle Technologies

A number of hedge funds have recently bought and sold shares of PCT. Sylebra Capital LLC lifted its holdings in PureCycle Technologies by 1.9% during the 1st quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company’s stock worth $235,817,000 after buying an additional 619,925 shares during the last quarter. Vanguard Group Inc. raised its position in shares of PureCycle Technologies by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company’s stock valued at $102,149,000 after acquiring an additional 660,837 shares in the last quarter. Samlyn Capital LLC lifted its stake in PureCycle Technologies by 19.1% during the first quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company’s stock worth $43,057,000 after purchasing an additional 997,337 shares during the last quarter. Duquesne Family Office LLC boosted its holdings in PureCycle Technologies by 111.3% in the first quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company’s stock worth $23,285,000 after purchasing an additional 1,772,342 shares during the period. Finally, Geode Capital Management LLC increased its stake in PureCycle Technologies by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 3,185,348 shares of the company’s stock valued at $32,658,000 after purchasing an additional 60,903 shares during the last quarter. 63.01% of the stock is currently owned by institutional investors and hedge funds.

PureCycle Technologies Company Profile

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.