PureCycle Technologies (NASDAQ:PCT) Stock Price Down 5.6% - Here's What Happened

Key Points

• PureCycle Technologies shares fell 5.6% to approximately $3.70 in mid-day trading, with volume down 83% from the average session.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and an average price target of $11.75, despite Cantor Fitzgerald lowering its target to $12.
• The company reported a quarterly loss of $0.80 per share, missing estimates by $0.51, while revenue of $4.51 million also fell short of expectations.

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report)'s share price dropped 5.6% during mid-day trading on Monday. The stock traded as low as $3.76 and last traded at $3.6990. 826,775 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 4,837,755 shares. The stock had previously closed at $3.92.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PCT. Weiss Ratings restated a "sell (e+)" rating on shares of PureCycle Technologies in a research note on Wednesday, September 2nd. Cantor Fitzgerald decreased their target price on shares of PureCycle Technologies from $14.00 to $12.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. Finally, Alembic Global Advisors set a $16.00 target price on shares of PureCycle Technologies in a research note on Tuesday, June 16th. 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 company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $11.75.

PureCycle Technologies Price Performance

The company's 50 day moving average price is $5.97 and its 200 day moving average price is $7.40. 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 has a market cap of $740.32 million, a price-to-earnings ratio of -2.52 and a beta of 2.63.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced its 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 firm had revenue of $4.51 million for the quarter, compared to analyst estimates of $6.11 million. On average, equities research analysts predict that PureCycle Technologies, Inc. will post -0.90 earnings per share for the current fiscal year.

Insider Buying and Selling at PureCycle Technologies

In other news, Director Fernando Musa bought 15,479 shares of the business's stock in a transaction dated Friday, September 4th. The stock was bought at an average price of $6.38 per share, for a total transaction of $98,756.02. Following the completion of the purchase, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 18.80% of the company's stock.

Institutional Investors Weigh In On PureCycle Technologies

A number of large investors have recently bought and sold shares of the business. State Street Corp increased its position in PureCycle Technologies by 12.0% in the 2nd quarter. State Street Corp now owns 3,331,674 shares of the company's stock valued at $27,020,000 after acquiring an additional 355,675 shares in the last quarter. SWS Partners acquired a new position in shares of PureCycle Technologies during the second quarter worth approximately $11,637,000. NewEdge Advisors LLC lifted its position in shares of PureCycle Technologies by 600.9% during the second quarter. NewEdge Advisors LLC now owns 1,186,811 shares of the company's stock worth $9,625,000 after purchasing an additional 1,017,488 shares in the last quarter. Cibc World Market Inc. acquired a new position in shares of PureCycle Technologies during the second quarter worth approximately $9,201,000. Finally, Rokos Capital Management LLP bought a new stake in shares of PureCycle Technologies during the first quarter valued at approximately $7,526,000. 63.01% of the stock is currently owned by institutional investors.

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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