PureCycle Technologies (NASDAQ:PCT) Shares Down 6.9% - Here's What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) shares fell 6.9% during trading on Monday . The stock traded as low as $5.63 and last traded at $5.58. 466,609 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 2,410,019 shares. The stock had previously closed at $5.99.

PureCycle Technologies Stock Down 1.6 %

The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. The company has a 50 day simple moving average of $7.56 and a two-hundred day simple moving average of $9.81. The company has a market capitalization of $1.21 billion, a P/E ratio of -4.49 and a beta of 1.68.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last released 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). As a group, equities analysts predict that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Insider Activity

In other news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the business's stock in a transaction that occurred 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 owns 34,077,574 shares of the company's stock, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 21.67% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PCT. Koshinski Asset Management Inc. bought a new stake in shares of PureCycle Technologies during the 1st quarter worth approximately $89,000. KBC Group NV purchased a new stake in PureCycle Technologies in the first quarter worth $41,000. Keudell Morrison Wealth Management lifted its position in shares of PureCycle Technologies by 78.0% during the first quarter. Keudell Morrison Wealth Management now owns 20,385 shares of the company's stock worth $141,000 after purchasing an additional 8,930 shares during the last quarter. Huntleigh Advisors Inc. purchased a new stake in shares of PureCycle Technologies during the first quarter valued at $4,844,000. Finally, Fortitude Advisory Group L.L.C. bought a new position in shares of PureCycle Technologies in the first quarter worth about $152,000. Hedge funds and other institutional investors own 63.01% of the company's stock.

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.