Stifel Nicolaus Reiterates Buy Rating for PureCycle Technologies (NYSE:PCT)

Stifel Nicolaus reaffirmed their buy rating on shares of PureCycle Technologies (NYSE:PCT) in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a $7.00 price objective on the stock.

Separately, TD Cowen raised their price target on shares of PureCycle Technologies from $6.00 to $7.50 and gave the stock a buy rating in a report on Tuesday, June 25th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, PureCycle Technologies has an average rating of Hold and a consensus price target of $7.90.

PureCycle Technologies Trading Down 4.4 %

NYSE:PCT opened at $5.46 on Wednesday. The stock has a fifty day simple moving average of $5.43 and a 200 day simple moving average of $4.97. The firm has a market capitalization of $898.89 million, a price-to-earnings ratio of -5.35 and a beta of 1.63. PureCycle Technologies has a 1-year low of $2.38 and a 1-year high of $11.89. 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 announced its earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.10). Sell-side analysts forecast that PureCycle Technologies will post -0.73 earnings per share for the current year.

Institutional Investors Weigh In On PureCycle Technologies

Several institutional investors have recently made changes to their positions in PCT. Sylebra Capital LLC acquired a new stake in PureCycle Technologies in the third quarter valued at approximately $163,774,000. Abundance Wealth Counselors lifted its stake 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 purchasing an additional 1,178,570 shares during the last quarter. Gladstone Institutional Advisory LLC boosted its holdings in PureCycle Technologies by 17.4% in the fourth quarter. Gladstone Institutional Advisory LLC now owns 2,117,948 shares of the company’s stock worth $8,578,000 after purchasing an additional 313,928 shares in the last quarter. SWS Partners boosted its holdings in 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 purchasing an additional 255,019 shares in the last quarter. Finally, First National Bank of Omaha increased its position in PureCycle Technologies by 1.0% during the fourth quarter. First National Bank of Omaha now owns 464,053 shares of the company’s stock worth $1,879,000 after buying an additional 4,395 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.