PureCycle Technologies (NASDAQ:PCT) Shares Gap Up – Here’s What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT) shares gapped up before the market opened on Friday . The stock had previously closed at $9.61, but opened at $11.35. PureCycle Technologies shares last traded at $10.4210, with a volume of 1,234,806 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PCT. Cowen reaffirmed a “buy” rating on shares of PureCycle Technologies in a research note on Friday, August 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of PureCycle Technologies in a report on Wednesday, October 8th. Seaport Res Ptn upgraded PureCycle Technologies to a “strong-buy” rating in a research report on Wednesday, October 22nd. Northland Capmk upgraded shares of PureCycle Technologies to a “strong-buy” rating in a report on Tuesday, August 26th. Finally, Wall Street Zen lowered shares of PureCycle Technologies from a “hold” rating to a “sell” rating in a research note on Monday, July 21st. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, PureCycle Technologies presently has a consensus rating of “Buy” and a consensus target price of $15.00.

PureCycle Technologies Trading Up 7.2%

The company has a quick ratio of 2.07, a current ratio of 2.14 and a debt-to-equity ratio of 3.54. The stock’s 50 day moving average is $13.22 and its two-hundred day moving average is $12.20. The company has a market capitalization of $1.85 billion, a PE ratio of -6.11 and a beta of 2.01.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.19). The firm had revenue of $2.43 million for the quarter, compared to analysts’ expectations of $6.04 million. As a group, sell-side analysts predict that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Hedge Funds Weigh In On PureCycle Technologies

A number of institutional investors have recently bought and sold shares of the company. Anthracite Investment Company Inc. purchased a new stake in PureCycle Technologies in the second quarter valued at approximately $2,932,000. Duquesne Family Office LLC boosted its stake in PureCycle Technologies by 111.3% during the 1st 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. Forum Financial Management LP increased its stake in PureCycle Technologies by 66.7% in the second quarter. Forum Financial Management LP now owns 125,000 shares of the company’s stock valued at $1,712,000 after purchasing an additional 50,000 shares during the period. SWS Partners raised its holdings in shares of PureCycle Technologies by 2.8% in the first quarter. SWS Partners now owns 757,279 shares of the company’s stock valued at $5,240,000 after buying an additional 20,547 shares during the last quarter. Finally, Fortitude Advisory Group L.L.C. boosted its stake in shares of PureCycle Technologies by 218.2% during the second quarter. Fortitude Advisory Group L.L.C. now owns 70,000 shares of the company’s stock worth $959,000 after buying an additional 48,000 shares during the period. 63.01% of the stock is owned by hedge funds and other institutional investors.

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.