TD Cowen Raises PureCycle Technologies (NYSE:PCT) Price Target to $7.50

PureCycle Technologies (NYSE:PCT) had its price target upped by TD Cowen from $6.00 to $7.50 in a research note published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

PureCycle Technologies Trading Down 1.0 %

PureCycle Technologies stock opened at $5.99 on Tuesday. The stock has a 50-day simple moving average of $5.38 and a 200 day simple moving average of $4.95. The stock has a market capitalization of $986.13 million, a P/E ratio of -5.87 and a beta of 1.61. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.17 and a current ratio of 1.17. PureCycle Technologies has a 52 week low of $2.38 and a 52 week high of $11.89.

PureCycle Technologies (NYSE:PCT) last posted its earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.10). Analysts expect that PureCycle Technologies will post -0.73 earnings per share for the current year.

Hedge Funds Weigh In On PureCycle Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tidal Investments LLC acquired a new stake in shares of PureCycle Technologies during the 1st quarter worth approximately $70,000. Bayesian Capital Management LP acquired a new stake in shares of PureCycle Technologies in the 1st quarter valued at $98,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of PureCycle Technologies by 5.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 86,154 shares of the company’s stock valued at $536,000 after purchasing an additional 4,258 shares in the last quarter. Lazard Asset Management LLC bought a new position in shares of PureCycle Technologies in the 1st quarter valued at $255,000. Finally, JT Stratford LLC raised its holdings in shares of PureCycle Technologies by 54.0% during the 1st quarter. JT Stratford LLC now owns 44,803 shares of the company’s stock worth $279,000 after buying an additional 15,708 shares in the last quarter. 63.01% of the stock is 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.