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

Key Points

• PureCycle Technologies shares hit a new 52-week low, falling to $3.85 before last trading at $4.09, well below its 50-day and 200-day moving averages.
• Analysts have mixed views, with ratings ranging from Buy to Sell; the stock carries an average “Hold” rating and an average price target of $11.75.
• The company reported weaker-than-expected quarterly results, including an $0.80 per-share loss versus a projected $0.29 loss and revenue of $4.51 million versus estimates of $6.11 million.

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) reached a new 52-week low on Tuesday. The company traded as low as $3.85 and last traded at $4.09, with a volume of 9544106 shares traded. The stock had previously closed at $4.39.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PCT shares. Alembic Global Advisors set a $16.00 price target on shares of PureCycle Technologies in a research note on Tuesday, June 16th. Cantor Fitzgerald decreased 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. Weiss Ratings reiterated a "sell (e+)" rating on shares of PureCycle Technologies in a research note on Wednesday, September 2nd. Finally, Northland Securities set a $13.00 target price on PureCycle Technologies in a report on Friday, June 12th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $11.75.

PureCycle Technologies Stock Performance

The firm's fifty day moving average price is $6.16 and its 200-day moving average price is $7.45. 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 firm has a market cap of $821.68 million, a price-to-earnings ratio of -2.80 and a beta of 2.63.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) EPS 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 company had revenue of $4.51 million for the quarter, compared to analyst estimates of $6.11 million. Analysts expect that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current year.

Insider Activity at PureCycle Technologies

In other news, Director Fernando Musa bought 15,479 shares of PureCycle Technologies stock in a transaction dated Friday, September 4th. The stock was acquired at an average cost of $6.38 per share, with a total value of $98,756.02. Following the acquisition, the director 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 18.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC lifted its position in shares of PureCycle Technologies by 2.3% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 71,442 shares of the company's stock valued at $579,000 after acquiring an additional 1,625 shares during the period. Cetera Investment Advisers grew its holdings in shares of PureCycle Technologies by 1.7% in the 1st quarter. Cetera Investment Advisers now owns 110,643 shares of the company's stock worth $574,000 after acquiring an additional 1,823 shares during the period. Sequoia Financial Advisors LLC increased its stake in PureCycle Technologies by 17.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 13,451 shares of the company's stock valued at $70,000 after purchasing an additional 2,016 shares in the last quarter. Corient Private Wealth LLC increased its stake in PureCycle Technologies by 3.6% in the 4th quarter. Corient Private Wealth LLC now owns 76,479 shares of the company's stock valued at $657,000 after purchasing an additional 2,692 shares in the last quarter. Finally, Koa Wealth Management LLC raised its holdings in PureCycle Technologies by 34.2% during the first quarter. Koa Wealth Management LLC now owns 13,825 shares of the company's stock worth $72,000 after purchasing an additional 3,525 shares during the last quarter. Hedge funds and other institutional investors own 63.01% of the company's stock.

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.

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