PureCycle Technologies (NASDAQ:PCT) Announces Quarterly Earnings Results, Misses Estimates By $0.32 EPS

PureCycle Technologies (NASDAQ:PCT) posted its quarterly earnings results on Thursday. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.32), reports.

PureCycle Technologies Stock Up 7.1 %

Shares of PCT traded up $0.65 on Friday, reaching $9.87. The company’s stock had a trading volume of 1,634,713 shares, compared to its average volume of 2,199,802. The stock has a market capitalization of $1.71 billion, a PE ratio of -6.58 and a beta of 1.58. 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 has a twelve month low of $4.50 and a twelve month high of $15.58. The firm has a fifty day moving average of $9.74 and a 200-day moving average of $9.85.

Analyst Upgrades and Downgrades

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

Insider Activity at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was bought at an average cost of $8.06 per share, with a total value of $4,996,595.50. Following the completion of the transaction, the insider now owns 34,077,574 shares of the company’s stock, valued at $274,665,246.44. The trade was a 1.85 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 2.09% of the stock is currently owned by insiders.

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.