PureCycle Technologies (NASDAQ:PCT) Trading Down 5.1% - Here's What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) shares traded down 5.1% on Thursday . The stock traded as low as $7.54 and last traded at $7.60. 1,048,170 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 2,202,277 shares. The stock had previously closed at $8.01.

PureCycle Technologies Stock Up 4.6 %

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 fifty day moving average price is $9.04 and its 200-day moving average price is $10.18. The stock has a market cap of $1.46 billion, a P/E ratio of -5.42 and a beta of 1.55.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced 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). Equities analysts forecast that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Insider Transactions at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc acquired 619,925 shares of PureCycle Technologies stock in a transaction 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 directly owns 34,077,574 shares of the company's stock, valued at $274,665,246.44. This trade represents a 1.85 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 11.44% of the company's stock.

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Hedge Funds Weigh In On PureCycle Technologies

Several institutional investors have recently made changes to their positions in the company. Sylebra Capital LLC grew its holdings in PureCycle Technologies by 14.6% during the 3rd quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company's stock worth $317,848,000 after acquiring an additional 4,264,393 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of PureCycle Technologies by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 14,100,507 shares of the company's stock valued at $144,530,000 after buying an additional 758,382 shares during the last quarter. Appian Way Asset Management LP boosted its stake in PureCycle Technologies by 12.9% in the third quarter. Appian Way Asset Management LP now owns 5,674,168 shares of the company's stock valued at $53,905,000 after acquiring an additional 650,426 shares in the last quarter. Gladstone Institutional Advisory LLC increased its position in shares of PureCycle Technologies by 3.7% during the fourth quarter. Gladstone Institutional Advisory LLC now owns 3,462,652 shares of the company's stock worth $35,492,000 after purchasing an additional 122,700 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of PureCycle Technologies by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 3,185,348 shares of the company's stock valued at $32,658,000 after purchasing an additional 60,903 shares during the last quarter. 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.