PureCycle Technologies (NASDAQ:PCT) Shares Gap Up – Should You Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT) shares gapped up prior to trading 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 trading hands.

Wall Street Analysts Forecast Growth

PCT has been the subject of a number of research analyst reports. Cowen reaffirmed a “buy” rating on shares of PureCycle Technologies in a report on Friday, August 8th. Seaport Res Ptn upgraded PureCycle Technologies to a “strong-buy” rating in a research report on Wednesday, October 22nd. Wall Street Zen cut PureCycle Technologies from a “hold” rating to a “sell” rating in a report on Monday, July 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $16.00 price objective on shares of PureCycle Technologies in a research note on Friday, August 8th. Finally, Northland Capmk upgraded PureCycle Technologies to a “strong-buy” rating in a research report on Tuesday, August 26th. Three investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, PureCycle Technologies currently has a consensus rating of “Buy” and an average target price of $15.00.

PureCycle Technologies Stock Up 7.2%

The firm has a 50-day moving average of $13.22 and a two-hundred day moving average of $12.20. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of -6.11 and a beta of 2.01. The company has a current ratio of 2.14, a quick ratio of 2.07 and a debt-to-equity ratio of 3.54.

PureCycle Technologies (NASDAQ:PCT) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $6.04 million. As a group, sell-side analysts predict that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PCT. Duquesne Family Office LLC lifted its holdings in PureCycle Technologies by 111.3% in the first quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company’s stock valued at $23,285,000 after buying an additional 1,772,342 shares during the period. Samlyn Capital LLC grew its holdings in shares of PureCycle Technologies by 19.1% in the 1st quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company’s stock valued at $43,057,000 after buying an additional 997,337 shares during the period. T. Rowe Price Investment Management Inc. increased its position in shares of PureCycle Technologies by 66.4% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,249,781 shares of the company’s stock valued at $15,569,000 after buying an additional 897,694 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of PureCycle Technologies by 100.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,383,478 shares of the company’s stock valued at $18,954,000 after buying an additional 691,809 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in PureCycle Technologies by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company’s stock worth $102,149,000 after buying an additional 660,837 shares during the period. Institutional investors own 63.01% of the company’s stock.

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.