PureCycle Technologies Sees Unusually High Options Volume (NASDAQ:PCT)

PureCycle Technologies, Inc. (NASDAQ:PCT) was the target of unusually large options trading on Tuesday. Investors acquired 26,332 call options on the stock. This represents an increase of 131% compared to the average daily volume of 11,380 call options.

Institutional Investors Weigh In On PureCycle Technologies

Large investors have recently added to or reduced their stakes in the business. KBC Group NV acquired a new stake in PureCycle Technologies in the first quarter valued at approximately $41,000. Teacher Retirement System of Texas purchased a new position in shares of PureCycle Technologies during the first quarter valued at approximately $131,000. Envestnet Asset Management Inc. boosted its position in shares of PureCycle Technologies by 123.4% during the first quarter. Envestnet Asset Management Inc. now owns 68,759 shares of the company’s stock valued at $476,000 after buying an additional 37,985 shares during the last quarter. Stratos Investment Management LLC purchased a new position in shares of PureCycle Technologies during the first quarter valued at approximately $93,000. Finally, Alpha Financial Partners LLC boosted its position in shares of PureCycle Technologies by 27.8% during the first quarter. Alpha Financial Partners LLC now owns 50,364 shares of the company’s stock valued at $349,000 after buying an additional 10,962 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Trading Down 5.1%

Shares of PCT stock traded down $0.56 on Tuesday, hitting $10.34. The company had a trading volume of 2,568,797 shares, compared to its average volume of 2,976,837. The firm has a market cap of $1.86 billion, a P/E ratio of -6.12 and a beta of 2.01. The stock’s 50-day moving average is $13.48 and its two-hundred day moving average is $12.21. The company has a debt-to-equity ratio of 3.54, a quick ratio of 2.07 and a current ratio of 2.14. PureCycle Technologies has a twelve month low of $5.40 and a twelve month high of $17.37.

PureCycle Technologies (NASDAQ:PCT) last released its earnings results on Thursday, August 7th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.12). The company had revenue of $1.65 million during the quarter, compared to analyst estimates of $4.10 million. On average, equities research analysts anticipate that PureCycle Technologies will post -1.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PCT has been the subject of several recent analyst reports. Northland Capmk upgraded PureCycle Technologies to a “strong-buy” rating in a research report on Tuesday, August 26th. Seaport Res Ptn upgraded PureCycle Technologies to a “strong-buy” rating in a research report on Wednesday, October 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of PureCycle Technologies in a research report on Wednesday, October 8th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $16.00 target price on shares of PureCycle Technologies in a research report on Friday, August 8th. Finally, Cowen reiterated a “buy” rating on shares of PureCycle Technologies in a research report on Friday, August 8th. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus 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.