Insider Buying: PureCycle Technologies (NASDAQ:PCT) Director Acquires $98,756.02 in Stock

Key Points

• Director Fernando Musa bought 15,479 PureCycle shares for approximately $98,756, increasing his direct ownership by 9.64% to 175,983 shares.
• PureCycle reported weaker-than-expected quarterly results, with an $0.80 loss per share versus the $0.29 consensus estimate and revenue of $4.51 million versus $6.11 million expected.
• PCT shares recently traded at $6.51, well below their 52-week high of $15.49; analysts have a consensus “Hold” rating and an average price target of $11.75, while institutional investors own 63.01% of the stock.

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) Director Fernando Musa bought 15,479 shares of the business's stock in a transaction dated Friday, September 4th. The stock was acquired at an average price of $6.38 per share, for a total transaction of $98,756.02. Following the purchase, the director directly owned 175,983 shares in the company, valued at approximately $1,122,771.54. The trade was a 9.64% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.

PureCycle Technologies Stock Performance

Shares of PCT traded up $0.12 on Tuesday, reaching $6.51. 2,203,962 shares of the company's stock traded hands, compared to its average volume of 4,733,507. The company has a current ratio of 2.60, a quick ratio of 2.42 and a debt-to-equity ratio of 27.37. The stock has a market cap of $1.31 billion, a PE ratio of -4.46 and a beta of 2.57. The stock's 50 day simple moving average is $6.80 and its two-hundred day simple moving average is $7.69. PureCycle Technologies, Inc. has a 52-week low of $4.93 and a 52-week high of $15.49.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last posted its quarterly earnings data 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 return on equity of 612.39% and a negative net margin of 1,618.84%.The business had revenue of $4.51 million during the quarter, compared to analysts' expectations of $6.11 million. On average, analysts forecast that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PureCycle Technologies

Institutional investors have recently added to or reduced their stakes in the business. Rokos Capital Management LLP purchased a new stake in PureCycle Technologies in the 1st quarter worth approximately $7,526,000. SWS Partners purchased a new stake in shares of PureCycle Technologies in the second quarter worth $11,637,000. Simplify Asset Management Inc. boosted its stake in PureCycle Technologies by 227.4% during the fourth quarter. Simplify Asset Management Inc. now owns 1,933,564 shares of the company's stock valued at $16,609,000 after buying an additional 1,342,955 shares during the period. California State Teachers Retirement System boosted its stake in PureCycle Technologies by 692.8% during the second quarter. California State Teachers Retirement System now owns 1,435,056 shares of the company's stock valued at $11,638,000 after buying an additional 1,254,041 shares during the period. Finally, Cibc World Market Inc. purchased a new position in PureCycle Technologies during the second quarter worth about $9,201,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

PureCycle Technologies Company Profile

PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra‐pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.

Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.

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