PureCycle Technologies (NYSE:PCT) Stock Price Down 2.8% - What's Next?

PureCycle Technologies, Inc. (NYSE:PCT - Get Free Report)'s stock price traded down 2.8% on Monday . The company traded as low as $13.66 and last traded at $13.72. 835,163 shares traded hands during trading, a decline of 64% from the average session volume of 2,337,803 shares. The stock had previously closed at $14.12.

Wall Street Analyst Weigh In

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

PureCycle Technologies Stock Down 1.4 %

The company has a quick ratio of 0.54, a current ratio of 0.67 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $2.30 billion, a PE ratio of -14.50 and a beta of 1.63. The business has a 50-day moving average price of $8.48 and a 200-day moving average price of $6.69.

PureCycle Technologies (NYSE:PCT - Get Free Report) last issued its 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). Equities research analysts forecast that PureCycle Technologies, Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the firm's stock in a transaction on Friday, September 13th. The shares were bought at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the acquisition, the insider now directly owns 33,050,456 shares of the company's stock, valued at $155,006,638.64. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 2.09% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PCT. Longview Asset Management LLC acquired a new stake in shares of PureCycle Technologies during the 2nd quarter worth about $57,521,000. Abundance Wealth Counselors boosted its stake in PureCycle Technologies by 21.0% during the first quarter. Abundance Wealth Counselors now owns 6,782,137 shares of the company's stock worth $42,185,000 after buying an additional 1,178,570 shares during the period. Van ECK Associates Corp acquired a new stake in shares of PureCycle Technologies during the second quarter valued at about $3,121,000. Sanctuary Advisors LLC purchased a new stake in shares of PureCycle Technologies in the 2nd quarter valued at approximately $689,000. Finally, Long Focus Capital Management LLC lifted its holdings in shares of PureCycle Technologies by 3.2% in the 2nd quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company's stock worth $14,230,000 after acquiring an additional 75,000 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.