PureCycle Technologies (NASDAQ:PCT) Trading Down 8.4% – Here’s What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT) fell 8.4% on Friday . The company traded as low as $8.48 and last traded at $8.37. 814,161 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 2,249,527 shares. The stock had previously closed at $9.13.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 price target on shares of PureCycle Technologies in a research note on Tuesday, November 19th. TD Cowen upped their target price on PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, Stifel Nicolaus raised their price target on PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th.

PureCycle Technologies Price Performance

The company’s 50-day moving average is $9.57 and its 200-day moving average is $10.03. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of -5.77 and a beta of 1.55. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36.

PureCycle Technologies (NASDAQ:PCT) last issued its earnings results on Thursday, February 27th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.32). Equities research analysts predict that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Insider Activity at PureCycle Technologies

In related news, major shareholder Sylebra Capital Llc acquired 619,925 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The stock was acquired at an average price of $8.06 per share, with a total value of $4,996,595.50. Following the purchase, the insider now directly owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 11.44% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Highview Capital Management LLC DE bought a new stake in PureCycle Technologies during the 4th quarter worth $324,000. Sylebra Capital LLC grew its holdings in shares of PureCycle Technologies by 14.6% during the third quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock worth $317,848,000 after purchasing an additional 4,264,393 shares during the last quarter. Verus Capital Partners LLC increased its stake in shares of PureCycle Technologies by 465.8% in the third quarter. Verus Capital Partners LLC now owns 127,540 shares of the company’s stock valued at $1,212,000 after buying an additional 105,000 shares during the period. IHT Wealth Management LLC acquired a new position in shares of PureCycle Technologies in the third quarter valued at approximately $485,000. Finally, Drive Wealth Management LLC raised its holdings in PureCycle Technologies by 767.7% in the 4th quarter. Drive Wealth Management LLC now owns 308,027 shares of the company’s stock valued at $3,157,000 after buying an additional 272,527 shares during the last quarter. 63.01% of the stock is currently owned by institutional investors and hedge funds.

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.