PureCycle Technologies (NASDAQ:PCT) Stock Falls 8.3% – What’s Next?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s share price dropped 8.3% during trading on Monday. The company traded as low as $3.97 and last traded at $4.0250. 1,254,854 shares were traded during trading, a decline of 74% from the average session volume of 4,774,071 shares. The stock had previously closed at $4.39.

Analyst Ratings Changes

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

PureCycle Technologies Trading Down 2.0%

The stock has a market cap of $805.61 million, a PE ratio of -2.75 and a beta of 2.63. 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 company’s 50-day moving average price is $6.11 and its 200 day moving average price is $7.44.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.51). The business had revenue of $4.51 million during the quarter, compared to analyst estimates of $6.11 million. PureCycle Technologies had a negative net margin of 1,618.84% and a negative return on equity of 612.39%. On average, sell-side analysts forecast that PureCycle Technologies, Inc. will post -0.9 EPS for the current fiscal year.

Insider Activity at PureCycle Technologies

In other PureCycle Technologies news, Director Fernando Musa purchased 15,479 shares of the stock in a transaction dated Friday, September 4th. The stock was acquired 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 $1,122,771.54. This trade represents a 9.64% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 18.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Cassaday & Co Wealth Management LLC acquired a new stake in shares of PureCycle Technologies during the first quarter valued at about $33,000. SHP Wealth Management acquired a new position in shares of PureCycle Technologies in the 4th quarter worth approximately $43,000. Sigma Planning Corp acquired a new position in shares of PureCycle Technologies in the 1st quarter worth approximately $53,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of PureCycle Technologies during the 1st quarter worth approximately $63,000. Finally, Sequoia Financial Advisors LLC boosted its position in shares of PureCycle Technologies by 17.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 13,451 shares of the company’s stock worth $70,000 after purchasing an additional 2,016 shares during the period. Institutional investors and hedge funds own 63.01% of the company’s stock.

About PureCycle Technologies

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.