PureCycle Technologies, Inc. (NYSE:PCT) Receives Average Recommendation of “Hold” from Brokerages

Shares of PureCycle Technologies, Inc. (NYSE:PCT) have received an average recommendation of “Hold” from the six ratings firms that are currently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $6.75.

A number of equities research analysts have issued reports on PCT shares. Stifel Nicolaus upped their target price on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. TD Cowen lifted their target price on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, Craig Hallum upped their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 9th.

Institutional Trading of PureCycle Technologies

Institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new position in PureCycle Technologies in the second quarter worth about $689,000. Algert Global LLC bought a new stake in shares of PureCycle Technologies in the 2nd quarter valued at approximately $69,000. Long Focus Capital Management LLC raised its holdings in shares of PureCycle Technologies by 3.2% in the 2nd quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company’s stock worth $14,230,000 after buying an additional 75,000 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of PureCycle Technologies by 7.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,359 shares of the company’s stock worth $286,000 after buying an additional 3,405 shares during the period. Finally, Dark Forest Capital Management LP acquired a new stake in PureCycle Technologies in the 2nd quarter valued at $224,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Price Performance

Shares of PCT opened at $4.80 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.67 and a debt-to-equity ratio of 1.06. The company’s 50 day moving average price is $6.10 and its 200 day moving average price is $5.71. PureCycle Technologies has a 52 week low of $2.38 and a 52 week high of $8.81.

PureCycle Technologies (NYSE:PCT) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). As a group, sell-side analysts forecast that PureCycle Technologies will post -0.87 earnings per share for the current fiscal year.

About PureCycle Technologies

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.