PureCycle Technologies (NASDAQ:PCT) Stock Sees Unusually High Call Option Buying

PureCycle Technologies, Inc. (NASDAQ:PCT) saw some unusual options trading on Friday. Investors bought 27,067 call options on the stock. This represents an increase of approximately 101% compared to the typical daily volume of 13,458 call options.

PureCycle Technologies Stock Down 3.8%

NASDAQ:PCT traded down $0.12 during trading hours on Friday, reaching $3.07. The company had a trading volume of 9,476,463 shares, compared to its average volume of 6,587,051. The company has a quick ratio of 2.42, a current ratio of 2.60 and a debt-to-equity ratio of 27.37. The firm has a market cap of $616.76 million, a price-to-earnings ratio of -2.10 and a beta of 2.63. The business’s 50-day simple moving average is $5.60 and its two-hundred day simple moving average is $7.31. PureCycle Technologies has a twelve month low of $3.04 and a twelve month high of $14.58.

PureCycle Technologies (NASDAQ:PCT) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.51). PureCycle Technologies had a negative net margin of 1,618.84% and a negative return on equity of 612.39%. The company had revenue of $4.51 million during the quarter, compared to the consensus estimate of $6.11 million. On average, equities analysts expect that PureCycle Technologies will post -0.90 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PCT. Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a research note on Wednesday, September 2nd. Cantor Fitzgerald reduced their price objective on shares of PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, PureCycle Technologies presently has a consensus rating of “Hold” and a consensus target price of $11.75.

Insider Activity at PureCycle Technologies

In other PureCycle Technologies news, Director Fernando Musa bought 15,479 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The stock was acquired at an average price of $6.38 per share, with a total value of $98,756.02. Following the completion of the purchase, the director directly owned 175,983 shares of the company’s stock, valued at approximately $1,122,771.54. This trade represents a 9.64% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 18.80% of the stock is currently owned by insiders.

Institutional Trading of PureCycle Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PCT. Cassaday & Co Wealth Management LLC acquired a new position in PureCycle Technologies during the 1st quarter worth approximately $33,000. SHP Wealth Management bought a new position in PureCycle Technologies in the fourth quarter worth approximately $43,000. Avidian Wealth Enterprises LLC bought a new position in PureCycle Technologies in the third quarter worth approximately $44,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in PureCycle Technologies in the third quarter valued at approximately $45,000. Finally, Sigma Planning Corp acquired a new stake in PureCycle Technologies in the first quarter valued at approximately $53,000. 63.01% of the stock is owned by institutional investors.

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.