PureCycle Technologies (NASDAQ:PCT) Trading Down 5.5% – Here’s Why

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price dropped 5.5% during trading on Monday . The company traded as low as $8.69 and last traded at $8.78. Approximately 859,671 shares were traded during trading, a decline of 64% from the average daily volume of 2,395,660 shares. The stock had previously closed at $9.29.

Analysts Set New Price Targets

Separately, TD Cowen dropped their price target on PureCycle Technologies from $15.00 to $13.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th.

PureCycle Technologies Price Performance

The company’s 50-day simple moving average is $7.04 and its 200-day simple moving average is $9.34. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of -5.84 and a beta of 1.68.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.02). The company had revenue of $1.58 million for the quarter, compared to analyst estimates of $4.27 million. Research analysts forecast that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Institutional Trading of PureCycle Technologies

Several institutional investors and hedge funds have recently modified their holdings of PCT. Sylebra Capital LLC grew its holdings in shares of PureCycle Technologies by 1.9% during the first quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company’s stock worth $235,817,000 after purchasing an additional 619,925 shares during the last quarter. Vanguard Group Inc. boosted its position 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. Samlyn Capital LLC grew its holdings in PureCycle Technologies by 19.1% during the 1st quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company’s stock worth $43,057,000 after acquiring an additional 997,337 shares during the last quarter. Gladstone Institutional Advisory LLC increased its position in PureCycle Technologies by 3.7% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 3,462,652 shares of the company’s stock valued at $35,492,000 after acquiring an additional 122,700 shares during the period. Finally, Duquesne Family Office LLC increased its position in PureCycle Technologies by 111.3% in the 1st quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company’s stock valued at $23,285,000 after acquiring an additional 1,772,342 shares during the period. 63.01% of the stock is currently owned by institutional investors.

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.