Brokers Offer Predictions for PCT Q3 Earnings

PureCycle Technologies, Inc. (NASDAQ:PCT) – Analysts at Roth Capital issued their Q3 2024 earnings per share estimates for PureCycle Technologies in a research note issued on Wednesday, November 6th. Roth Capital analyst G. Sweeney expects that the company will post earnings per share of ($0.13) for the quarter. The consensus estimate for PureCycle Technologies’ current full-year earnings is ($0.98) per share. Roth Capital also issued estimates for PureCycle Technologies’ Q4 2024 earnings at ($0.12) EPS, FY2024 earnings at ($0.84) EPS and FY2025 earnings at ($0.30) EPS.

A number of other brokerages have also recently weighed in on PCT. TD Cowen boosted their price target on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Stifel Nicolaus boosted their price target on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Craig Hallum boosted their price target on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Cantor Fitzgerald initiated coverage on PureCycle Technologies in a research report on Friday, October 18th. They issued an “overweight” rating and a $14.00 price target for the company. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.20.

PureCycle Technologies Price Performance

Shares of NASDAQ:PCT opened at $12.46 on Friday. PureCycle Technologies has a fifty-two week low of $2.38 and a fifty-two week high of $15.58. The business has a 50-day moving average of $9.50 and a two-hundred day moving average of $7.06. The stock has a market capitalization of $2.06 billion, a P/E ratio of -12.98 and a beta of 1.56. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.67 and a quick ratio of 0.54.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13).

Hedge Funds Weigh In On PureCycle Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Longview Asset Management LLC bought a new position in PureCycle Technologies during the second quarter valued at about $57,521,000. Abundance Wealth Counselors increased its stake in PureCycle Technologies by 6.0% during the second quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock valued at $42,562,000 after acquiring an additional 407,353 shares during the period. Gladstone Institutional Advisory LLC increased its stake in PureCycle Technologies by 1.4% during the third quarter. Gladstone Institutional Advisory LLC now owns 3,339,952 shares of the company’s stock valued at $31,730,000 after acquiring an additional 44,571 shares during the period. Long Focus Capital Management LLC grew its stake 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 valued at $14,230,000 after purchasing an additional 75,000 shares during the period. Finally, Simplify Asset Management Inc. grew its stake in shares of PureCycle Technologies by 67.4% in the 3rd quarter. Simplify Asset Management Inc. now owns 1,772,056 shares of the company’s stock valued at $16,835,000 after purchasing an additional 713,664 shares during the period. 63.01% of the stock is currently owned by institutional investors.

Insider Transactions at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were acquired at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the purchase, the insider now owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 11.44% of the stock is currently owned by corporate insiders.

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.