PureCycle Technologies (NASDAQ:PCT) Shares Gap Down - Time to Sell?

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $6.83, but opened at $6.51. PureCycle Technologies shares last traded at $6.91, with a volume of 237,313 shares.

PureCycle Technologies Trading Down 1.5 %

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 company's 50 day moving average price is $8.55 and its 200 day moving average price is $10.20. The company has a market cap of $1.06 billion, a price-to-earnings ratio of -3.94 and a beta of 1.68.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.32). Research analysts anticipate that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Insider Activity

In other PureCycle Technologies 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 stock was acquired at an average cost of $8.06 per share, with a total value of $4,996,595.50. Following the completion of the acquisition, the insider now directly owns 34,077,574 shares of the company's stock, valued at $274,665,246.44. This represents a 1.85 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 11.44% of the stock is owned by company insiders.

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Institutional Investors Weigh In On PureCycle Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PCT. FMR LLC grew its stake in shares of PureCycle Technologies by 0.5% during the third quarter. FMR LLC now owns 230,755 shares of the company's stock valued at $2,192,000 after purchasing an additional 1,083 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of PureCycle Technologies by 0.4% in the 4th quarter. NewEdge Advisors LLC now owns 322,491 shares of the company's stock valued at $3,306,000 after buying an additional 1,330 shares during the period. Summit Investment Advisors Inc. raised its position in shares of PureCycle Technologies by 11.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 12,897 shares of the company's stock worth $132,000 after acquiring an additional 1,352 shares during the last quarter. US Bancorp DE lifted its stake in shares of PureCycle Technologies by 141.5% during the fourth quarter. US Bancorp DE now owns 3,446 shares of the company's stock valued at $35,000 after acquiring an additional 2,019 shares during the period. Finally, Arizona State Retirement System boosted its holdings in PureCycle Technologies by 6.1% in the fourth quarter. Arizona State Retirement System now owns 35,217 shares of the company's stock valued at $361,000 after acquiring an additional 2,033 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company's stock.

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.