PureCycle Technologies (NASDAQ:PCT) Shares Climb 8.1% – Here’s What Happened

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) traded up 8.1% on Tuesday. The company traded as high as $2.83 and last traded at $2.8850. 563,164 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 4,910,432 shares. The stock had previously closed at $2.67.

Wall Street Analyst Weigh In

PCT has been the topic of a number of research reports. Cantor Fitzgerald cut their target price on shares of 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 note on Wednesday, September 2nd. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $11.75.

PureCycle Technologies Stock Performance

The company has a debt-to-equity ratio of 27.37, a quick ratio of 2.42 and a current ratio of 2.60. The stock has a market capitalization of $597.68 million, a P/E ratio of -2.04 and a beta of 2.63. The business has a 50-day moving average price of $5.09 and a 200 day moving average price of $7.47.

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

Insiders Place Their Bets

In other news, Director Fernando Musa bought 15,479 shares of the firm’s stock in a transaction on Friday, September 4th. The stock was acquired at an average cost of $6.38 per share, with a total value of $98,756.02. Following the completion of the acquisition, the director owned 175,983 shares of the company’s stock, valued at approximately $1,122,771.54. This represents a 9.64% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 18.80% of the company’s stock.

Hedge Funds Weigh In On PureCycle Technologies

Hedge funds have recently added to or reduced their stakes in the company. WESPAC Advisors LLC bought a new position in PureCycle Technologies in the 3rd quarter valued at approximately $268,000. Verdence Capital Advisors LLC purchased a new stake in PureCycle Technologies during the 3rd quarter valued at $270,000. Sigma Planning Corp purchased a new stake in PureCycle Technologies during the 3rd quarter valued at $48,000. Capital Investment Advisors LLC bought a new stake in shares of PureCycle Technologies in the 3rd quarter worth $190,000. Finally, Inspire Investing LLC purchased a new position in shares of PureCycle Technologies in the third quarter worth $642,000. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

About PureCycle Technologies

PureCycle Technologies, Inc (NASDAQ:PCT) is a recycling technology company focused on converting waste polypropylene (PP) into recycled resin with properties designed to be comparable to virgin polypropylene. Its technology is intended to remove color, odor and other contaminants from used plastic, expanding the potential for recycled PP in applications that traditionally rely on virgin materials.

The company processes post-consumer and post-industrial polypropylene feedstock into purified recycled polypropylene products.