PureCycle Technologies (NASDAQ:PCT) Trading Down 5.1% – Time to Sell?

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) dropped 5.1% during trading on Thursday . The company traded as low as $7.54 and last traded at $7.60. Approximately 1,048,170 shares were traded during trading, a decline of 52% from the average daily volume of 2,202,277 shares. The stock had previously closed at $8.01.

Analysts Set New Price Targets

Separately, TD Cowen upped their price objective on shares of PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th.

PureCycle Technologies Stock Performance

The company has a market cap of $1.37 billion, a PE ratio of -5.08 and a beta of 1.55. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74. The firm’s 50 day moving average is $9.12 and its 200-day moving average is $10.12.

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

Insider Buying and Selling at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc bought 619,925 shares of the firm’s stock in a transaction on Thursday, February 6th. The shares were bought at an average cost of $8.06 per share, for a total transaction of $4,996,595.50. Following the acquisition, the insider now directly owns 34,077,574 shares of the company’s stock, valued at $274,665,246.44. This trade represents a 1.85 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 11.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PureCycle Technologies

Several large investors have recently made changes to their positions in the stock. California State Teachers Retirement System lifted its holdings in shares of PureCycle Technologies by 3.8% in the 4th quarter. California State Teachers Retirement System now owns 113,708 shares of the company’s stock worth $1,166,000 after acquiring an additional 4,170 shares during the last quarter. Copia Wealth Management acquired a new position in shares of PureCycle Technologies in the 4th quarter worth approximately $514,000. Integrated Advisors Network LLC acquired a new position in shares of PureCycle Technologies in the 4th quarter worth approximately $119,000. Polar Asset Management Partners Inc. acquired a new position in shares of PureCycle Technologies in the 4th quarter worth approximately $3,290,000. Finally, JT Stratford LLC lifted its holdings in shares of PureCycle Technologies by 3.5% in the 4th quarter. JT Stratford LLC now owns 74,321 shares of the company’s stock worth $762,000 after acquiring an additional 2,501 shares during the last quarter. 63.01% of the stock is currently owned by institutional investors and hedge funds.

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.