Analysts Set PureCycle Technologies, Inc. (NASDAQ:PCT) Target Price at $13.00

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) have been given a consensus recommendation of “Moderate Buy” by the four brokerages that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, one has given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $13.00.

PCT has been the subject of a number of research reports. Cantor Fitzgerald dropped 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. Weiss Ratings reissued a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Thursday, January 22nd.

Hedge Funds Weigh In On PureCycle Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wealth Effects LLC boosted its stake in PureCycle Technologies by 10.8% during the first quarter. Wealth Effects LLC now owns 51,400 shares of the company’s stock valued at $267,000 after buying an additional 5,000 shares during the last quarter. OLD National Bancorp IN bought a new position in PureCycle Technologies during the first quarter valued at approximately $201,000. Apella Capital LLC boosted its stake in PureCycle Technologies by 17.4% during the first quarter. Apella Capital LLC now owns 76,960 shares of the company’s stock valued at $399,000 after buying an additional 11,425 shares during the last quarter. Keudell Morrison Wealth Management boosted its stake in PureCycle Technologies by 62.5% during the first quarter. Keudell Morrison Wealth Management now owns 55,116 shares of the company’s stock valued at $286,000 after buying an additional 21,191 shares during the last quarter. Finally, Sovereign Financial Group Inc. boosted its stake in PureCycle Technologies by 25.8% during the first quarter. Sovereign Financial Group Inc. now owns 34,599 shares of the company’s stock valued at $180,000 after buying an additional 7,100 shares during the last quarter. 63.01% of the stock is owned by institutional investors.

PureCycle Technologies Stock Performance

NASDAQ:PCT opened at $6.69 on Wednesday. The company has a current ratio of 2.26, a quick ratio of 2.15 and a debt-to-equity ratio of 7.62. PureCycle Technologies has a 12-month low of $4.93 and a 12-month high of $17.37. The stock has a 50-day moving average price of $6.56 and a 200 day moving average price of $9.05. The stock has a market capitalization of $1.21 billion, a P/E ratio of -5.53 and a beta of 2.10.

PureCycle Technologies (NASDAQ:PCT) last released its earnings results on Thursday, February 26th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.17). PureCycle Technologies had a negative return on equity of 204.74% and a negative net margin of 2,185.10%.The business had revenue of $2.70 million for the quarter, compared to analysts’ expectations of $6.37 million. Equities research analysts forecast that PureCycle Technologies will post -0.96 EPS for the current fiscal year.

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.