PureCycle Technologies (NASDAQ:PCT) Sets New 12-Month Low - Here's What Happened

Key Points

• PureCycle Technologies shares fell to a new 52-week low, trading as low as $3.00 and last changing hands near $2.96.
• The company’s latest quarterly results missed expectations, with an adjusted loss of $0.80 per share versus the forecasted $0.29 loss, while revenue of $4.51 million also came in below estimates.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and an $11.75 price target, while insiders own 18.8% of shares and institutional investors hold 63.01%.

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) hit a new 52-week low on Monday. The stock traded as low as $3.00 and last traded at $2.9580, with a volume of 306,362 shares trading hands. The stock had previously closed at $3.07.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PCT. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of PureCycle Technologies in a research note on Wednesday, September 2nd. Cantor Fitzgerald cut 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's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $11.75.

PureCycle Technologies Price Performance

The company has a 50 day moving average of $5.60 and a 200 day moving average of $7.33. The stock has a market capitalization of $573.17 million, a price-to-earnings ratio of -1.98 and a beta of 2.63. The company has a quick ratio of 2.42, a current ratio of 2.60 and a debt-to-equity ratio of 27.37.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $6.11 million. As a group, equities research analysts forecast that PureCycle Technologies, Inc. will post -0.90 EPS for the current fiscal year.

Insider Activity

In related news, Director Fernando Musa bought 15,479 shares of the firm's stock in a transaction that occurred on Friday, September 4th. The shares were acquired at an average cost of $6.38 per share, with a total value of $98,756.02. Following the completion of the transaction, the director owned 175,983 shares of the company's stock, valued at approximately $1,122,771.54. The trade was a 9.64% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 18.80% of the company's stock.

Hedge Funds Weigh In On PureCycle Technologies

Several institutional investors and hedge funds have recently bought and sold shares of PCT. SHP Wealth Management acquired a new stake in shares of PureCycle Technologies during the 4th quarter worth $43,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of PureCycle Technologies in the 1st quarter worth $33,000. Avidian Wealth Enterprises LLC purchased a new position in shares of PureCycle Technologies in the 3rd quarter worth $44,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in PureCycle Technologies in the second quarter valued at $82,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in PureCycle Technologies in the third quarter valued at $45,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.