PureCycle Technologies (NASDAQ:PCT) Stock Sees Unusually High Call Option Buying

PureCycle Technologies, Inc. (NASDAQ:PCT) was the recipient of some unusual options trading on Friday. Traders bought 27,067 call options on the stock. This is an increase of 101% compared to the average daily volume of 13,458 call options.

PureCycle Technologies Stock Performance

Shares of PCT stock opened at $3.07 on Friday. The company’s fifty day simple moving average is $5.60 and its 200-day simple moving average is $7.31. The company has a market cap of $616.76 million, a PE ratio of -2.10 and a beta of 2.63. The company has a current ratio of 2.60, a quick ratio of 2.42 and a debt-to-equity ratio of 27.37. PureCycle Technologies has a 52 week low of $3.04 and a 52 week high of $14.58.

PureCycle Technologies (NASDAQ:PCT) last announced its earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.51). The firm had revenue of $4.51 million during the quarter, compared to analysts’ expectations of $6.11 million. PureCycle Technologies had a negative net margin of 1,618.84% and a negative return on equity of 612.39%. As a group, equities research analysts anticipate that PureCycle Technologies will post -0.90 EPS for the current year.

Insider Buying and Selling at PureCycle Technologies

In other news, Director Fernando Musa bought 15,479 shares of the stock in a transaction dated Friday, September 4th. The shares were acquired at an average price of $6.38 per share, with a total value of $98,756.02. Following the completion of the acquisition, the director directly owned 175,983 shares in the company, valued at approximately $1,122,771.54. The trade was a 9.64% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 18.80% of the company’s stock.

Institutional Trading of PureCycle Technologies

Several hedge funds have recently added to or reduced their stakes in PCT. State Street Corp raised its position in PureCycle Technologies by 12.0% in the second quarter. State Street Corp now owns 3,331,674 shares of the company’s stock worth $27,020,000 after acquiring an additional 355,675 shares in the last quarter. SWS Partners bought a new stake in shares of PureCycle Technologies in the second quarter valued at about $11,637,000. NewEdge Advisors LLC increased its position in shares of PureCycle Technologies by 600.9% during the second quarter. NewEdge Advisors LLC now owns 1,186,811 shares of the company’s stock valued at $9,625,000 after purchasing an additional 1,017,488 shares during the period. Cibc World Market Inc. bought a new position in shares of PureCycle Technologies during the 2nd quarter worth about $9,201,000. Finally, Rokos Capital Management LLP acquired a new stake in PureCycle Technologies during the first quarter valued at approximately $7,526,000. Institutional investors own 63.01% of the company’s stock.

Analyst Upgrades and Downgrades

PCT has been the topic of several research analyst reports. Cantor Fitzgerald decreased their price target on PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a research report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, PureCycle Technologies presently has an average rating of “Hold” and an average price target of $11.75.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc is a recycling technology company that develops and operates facilities designed to convert waste polypropylene (PP) plastic into recycled resin. Its process is intended to remove colors, odors and other contaminants from used polypropylene, producing a material with properties comparable to virgin polypropylene.

The company’s primary product is PureFive™ recycled polypropylene, which can be used in applications such as packaging, consumer products, automotive components and other plastic goods.