PureCycle Technologies (NASDAQ:PCT) Stock Price Down 13.5% - Here's Why

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) was down 13.5% during trading on Friday . The stock traded as low as $5.99 and last traded at $5.92. Approximately 503,716 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 2,225,441 shares. The stock had previously closed at $6.84.

PureCycle Technologies Trading Up 13.0 %

The business has a 50-day moving average price of $8.33 and a two-hundred day moving average price of $10.12. The company has a market cap of $1.17 billion, a P/E ratio of -4.33 and a beta of 1.68. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its 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). On average, analysts predict that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Insider Buying and Selling at PureCycle Technologies

In related news, major shareholder Sylebra Capital Llc acquired 619,925 shares of the firm'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 purchase, the insider now directly owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.44% of the company's stock.

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Institutional Trading of PureCycle Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the stock. NBC Securities Inc. acquired a new position in PureCycle Technologies during the first quarter valued at approximately $25,000. GAMMA Investing LLC grew its holdings in shares of PureCycle Technologies by 1,693.0% in the 1st quarter. GAMMA Investing LLC now owns 12,587 shares of the company's stock valued at $87,000 after buying an additional 11,885 shares during the period. California State Teachers Retirement System increased its position 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 valued at $1,166,000 after buying an additional 4,170 shares in the last quarter. Copia Wealth Management acquired a new stake in PureCycle Technologies during the 4th quarter worth $514,000. Finally, Integrated Advisors Network LLC bought a new position in PureCycle Technologies during the fourth quarter worth about $119,000. 63.01% of the stock is owned by institutional investors.

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.