PureCycle Technologies (NASDAQ:PCT) Hits New 52-Week Low – What’s Next?

PureCycle Technologies, Inc. (NASDAQ:PCT) shares hit a new 52-week low during mid-day trading on Tuesday. The stock traded as low as $3.85 and last traded at $4.09, with a volume of 9544106 shares changing hands. The stock had previously closed at $4.39.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PCT shares. Cantor Fitzgerald decreased their price objective on PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Alembic Global Advisors set a $16.00 price target on PureCycle Technologies in a research report on Tuesday, June 16th. Northland Securities set a $13.00 target price on shares of PureCycle Technologies in a report on Friday, June 12th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PureCycle Technologies in a report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $11.75.

PureCycle Technologies Price Performance

The company has a 50-day moving average of $6.07 and a 200-day moving average of $7.43. The company has a debt-to-equity ratio of 27.37, a quick ratio of 2.42 and a current ratio of 2.60. The stock has a market capitalization of $763.42 million, a price-to-earnings ratio of -2.60 and a beta of 2.63.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.51). PureCycle Technologies had a negative return on equity of 612.39% and a negative net margin of 1,618.84%.The business had revenue of $4.51 million for the quarter, compared to analysts’ expectations of $6.11 million. As a group, equities research analysts expect that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Fernando Musa purchased 15,479 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was purchased at an average cost of $6.38 per share, for a total transaction of $98,756.02. Following the acquisition, the director owned 175,983 shares in the company, valued at approximately $1,122,771.54. This trade represents a 9.64% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 18.80% of the company’s stock.

Hedge Funds Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cassaday & Co Wealth Management LLC purchased a new position in PureCycle Technologies in the first quarter valued at about $33,000. SHP Wealth Management bought a new stake in shares of PureCycle Technologies during the fourth quarter valued at about $43,000. Sigma Planning Corp acquired a new stake in PureCycle Technologies in the first quarter worth approximately $53,000. Turtle Creek Wealth Advisors LLC acquired a new stake in PureCycle Technologies in the 1st quarter valued at about $63,000. Finally, Sequoia Financial Advisors LLC grew its holdings in shares of PureCycle Technologies by 17.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 13,451 shares of the company’s stock worth $70,000 after acquiring an additional 2,016 shares during the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc is a recycling technology company that develops and operates facilities designed to convert waste polypropylene (PP) plastic into recycled resin. Its process is intended to remove colors, odors and other contaminants from used polypropylene, producing a material with properties comparable to virgin polypropylene.

The company’s primary product is PureFive™ recycled polypropylene, which can be used in applications such as packaging, consumer products, automotive components and other plastic goods.