PureCycle Technologies (NASDAQ:PCT) Releases Earnings Results, Misses Estimates By $0.19 EPS

PureCycle Technologies (NASDAQ:PCT) announced its earnings results on Thursday. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.19), Zacks reports. The firm had revenue of $2.43 million for the quarter, compared to analyst estimates of $6.04 million.

PureCycle Technologies Stock Performance

Shares of PCT stock traded up $0.93 during trading hours on Friday, reaching $10.54. 9,999,380 shares of the company’s stock were exchanged, compared to its average volume of 3,726,839. The company has a debt-to-equity ratio of 3.54, a current ratio of 2.14 and a quick ratio of 2.07. The company’s 50 day moving average is $13.15 and its two-hundred day moving average is $12.24. The company has a market cap of $1.90 billion, a P/E ratio of -7.22 and a beta of 2.01. PureCycle Technologies has a 1 year low of $5.40 and a 1 year high of $17.37.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Royal Bank of Canada boosted its position in shares of PureCycle Technologies by 62.4% during the 1st quarter. Royal Bank of Canada now owns 1,042,338 shares of the company’s stock worth $7,213,000 after purchasing an additional 400,520 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of PureCycle Technologies by 67.9% in the first quarter. AQR Capital Management LLC now owns 20,963 shares of the company’s stock valued at $145,000 after purchasing an additional 8,478 shares during the period. Integrated Wealth Concepts LLC lifted its stake in shares of PureCycle Technologies by 4.3% in the first quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company’s stock valued at $253,000 after purchasing an additional 1,516 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in PureCycle Technologies by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,249 shares of the company’s stock worth $507,000 after buying an additional 3,161 shares in the last quarter. Finally, Millennium Management LLC acquired a new position in PureCycle Technologies during the first quarter worth about $3,770,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PCT. Seaport Res Ptn raised shares of PureCycle Technologies to a “strong-buy” rating in a research report on Wednesday, October 22nd. Cowen reissued a “buy” rating on shares of PureCycle Technologies in a report on Friday, August 8th. Northland Securities started coverage on PureCycle Technologies in a research report on Wednesday, August 27th. They issued an “outperform” rating and a $16.00 price target on the stock. Northland Capmk raised PureCycle Technologies to a “strong-buy” rating in a research note on Tuesday, August 26th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, PureCycle Technologies currently has an average rating of “Buy” and an average target price of $15.00.

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.