TD Cowen Cuts PureCycle Technologies (NASDAQ:PCT) Price Target to $13.00

PureCycle Technologies (NASDAQ:PCT) had its price objective cut by TD Cowen from $15.00 to $13.00 in a research report report published on Thursday morning, MarketBeat reports. They currently have a buy rating on the stock.

PureCycle Technologies Stock Performance

Shares of PureCycle Technologies stock opened at $7.29 on Thursday. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of -4.86 and a beta of 1.68. The firm’s 50-day moving average is $6.98 and its 200 day moving average is $9.59. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63. PureCycle Technologies has a 1 year low of $4.50 and a 1 year high of $15.58.

PureCycle Technologies (NASDAQ:PCT) last posted its earnings results on Wednesday, May 7th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.02). The firm had revenue of $1.58 million during the quarter, compared to analysts’ expectations of $4.27 million. Sell-side analysts anticipate that PureCycle Technologies will post -1.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its stake in shares of PureCycle Technologies by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,142,943 shares of the company’s stock valued at $7,909,000 after purchasing an additional 5,643 shares during the last quarter. Vanguard Group Inc. raised its holdings in PureCycle Technologies by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company’s stock valued at $102,149,000 after buying an additional 660,837 shares during the period. Monaco Asset Management SAM bought a new stake in PureCycle Technologies in the first quarter worth $242,000. Maridea Wealth Management LLC boosted its stake in PureCycle Technologies by 40.5% during the first quarter. Maridea Wealth Management LLC now owns 147,972 shares of the company’s stock worth $1,024,000 after buying an additional 42,620 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in PureCycle Technologies by 24.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,673 shares of the company’s stock valued at $164,000 after acquiring an additional 4,676 shares during the last quarter. 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.