PureCycle Technologies (NASDAQ:PCT) Shares Down 4.7% - What's Next?

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) were down 4.7% during trading on Monday . The stock traded as low as $12.22 and last traded at $12.27. Approximately 477,234 shares changed hands during trading, a decline of 80% from the average daily volume of 2,341,998 shares. The stock had previously closed at $12.87.

Wall Street Analyst Weigh In

Several research analysts have commented on PCT shares. Stifel Nicolaus boosted their price objective on shares of PureCycle Technologies from $7.00 to $8.00 and gave the company a "buy" rating in a research report on Monday, August 12th. TD Cowen raised their price target on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a "buy" rating in a research note on Friday, August 9th. Cantor Fitzgerald started coverage on shares of PureCycle Technologies in a research report on Friday, October 18th. They set an "overweight" rating and a $14.00 price objective for the company. Finally, Craig Hallum raised their target price on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a "hold" rating in a research report on Friday, August 9th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, PureCycle Technologies currently has a consensus rating of "Hold" and an average price target of $8.20.

PureCycle Technologies Stock Performance

The company has a 50-day moving average of $9.21 and a 200-day moving average of $6.96. The firm has a market capitalization of $2.06 billion, a P/E ratio of -13.03 and a beta of 1.55. The company has a current ratio of 0.67, a quick ratio of 0.54 and a debt-to-equity ratio of 1.06.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.13). On average, equities analysts anticipate that PureCycle Technologies, Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the company's stock in a transaction that occurred on Friday, September 13th. The shares were bought at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the transaction, the insider now directly owns 33,050,456 shares of the company's stock, valued at approximately $155,006,638.64. The trade was a 0.00 % 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 this hyperlink. 11.44% of the stock is owned by company insiders.

Hedge Funds Weigh In On PureCycle Technologies

Institutional investors have recently modified their holdings of the company. Gladstone Institutional Advisory LLC raised its position in PureCycle Technologies by 1.4% in the 3rd quarter. Gladstone Institutional Advisory LLC now owns 3,339,952 shares of the company's stock valued at $31,730,000 after buying an additional 44,571 shares during the last quarter. Park Edge Advisors LLC bought a new stake in PureCycle Technologies in the 3rd quarter worth about $100,000. Fortis Group Advisors LLC increased its stake in PureCycle Technologies by 12.5% in the 3rd quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company's stock valued at $117,000 after buying an additional 1,376 shares during the last quarter. Wealth Effects LLC lifted its position in shares of PureCycle Technologies by 4.8% during the 3rd quarter. Wealth Effects LLC now owns 93,200 shares of the company's stock worth $885,000 after buying an additional 4,300 shares in the last quarter. Finally, Violich Capital Management Inc. bought a new stake in PureCycle Technologies during the third quarter worth $227,000. 63.01% of the stock is 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.