PureCycle Technologies (NYSE:PCT) Shares Gap Up After Analyst Upgrade

PureCycle Technologies, Inc. (NYSE:PCT)’s share price gapped up before the market opened on Tuesday after TD Cowen raised their price target on the stock from $6.00 to $7.50. The stock had previously closed at $5.82, but opened at $5.96. TD Cowen currently has a buy rating on the stock. PureCycle Technologies shares last traded at $5.97, with a volume of 35,362 shares.

Institutional Investors Weigh In On PureCycle Technologies

Institutional investors have recently added to or reduced their stakes in the business. Sylebra Capital LLC bought a new stake in shares of PureCycle Technologies in the third quarter worth $163,774,000. Abundance Wealth Counselors grew its position in shares of PureCycle Technologies by 21.0% in the 1st quarter. Abundance Wealth Counselors now owns 6,782,137 shares of the company’s stock valued at $42,185,000 after buying an additional 1,178,570 shares during the last quarter. Gladstone Institutional Advisory LLC increased its stake in shares of PureCycle Technologies by 17.4% in the fourth quarter. Gladstone Institutional Advisory LLC now owns 2,117,948 shares of the company’s stock valued at $8,578,000 after buying an additional 313,928 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of PureCycle Technologies by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 992,377 shares of the company’s stock worth $5,567,000 after acquiring an additional 39,094 shares during the last quarter. Finally, SWS Partners lifted its stake in shares of PureCycle Technologies by 40.9% in the fourth quarter. SWS Partners now owns 877,924 shares of the company’s stock worth $3,556,000 after acquiring an additional 255,019 shares during the period. 63.01% of the stock is owned by institutional investors.

PureCycle Technologies Trading Up 3.8 %

The company has a fifty day moving average of $5.37 and a 200 day moving average of $4.94. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.84.

PureCycle Technologies (NYSE:PCT) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.10). As a group, sell-side analysts anticipate that PureCycle Technologies, Inc. will post -0.73 EPS for the current fiscal year.

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.