PureCycle Technologies (NASDAQ:PCT) Shares Down 6.9% - Time to Sell?

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) was down 6.9% on Monday . The company traded as low as $5.63 and last traded at $5.58. Approximately 466,609 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 2,410,019 shares. The stock had previously closed at $5.99.

PureCycle Technologies Price Performance

The company has a fifty day moving average price of $7.56 and a two-hundred day moving average price of $9.81. The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of -4.49 and a beta of 1.68. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.54) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.32). On average, equities research analysts expect that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were acquired at an average price of $8.06 per share, for a total transaction of $4,996,595.50. Following the acquisition, the insider now directly owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. The trade was a 1.85 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 21.67% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Highview Capital Management LLC DE acquired a new stake in shares of PureCycle Technologies during the fourth quarter valued at $324,000. Vanguard Group Inc. raised its stake in shares of PureCycle Technologies by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 14,100,507 shares of the company's stock valued at $144,530,000 after acquiring an additional 758,382 shares during the period. Drive Wealth Management LLC raised its position in PureCycle Technologies by 767.7% in the fourth quarter. Drive Wealth Management LLC now owns 308,027 shares of the company's stock valued at $3,157,000 after purchasing an additional 272,527 shares during the period. Geode Capital Management LLC raised its holdings in shares of PureCycle Technologies by 3.0% during the 3rd quarter. Geode Capital Management LLC now owns 3,124,445 shares of the company's stock valued at $29,688,000 after buying an additional 92,469 shares during the period. Finally, US Bancorp DE raised its stake in shares of PureCycle Technologies by 141.5% during the fourth quarter. US Bancorp DE now owns 3,446 shares of the company's stock valued at $35,000 after purchasing an additional 2,019 shares during the period. Institutional investors and hedge funds own 63.01% of the company's stock.

About PureCycle Technologies

PureCycle Technologies, Inc engages in the production of recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled polypropylene resin that has multiple applications, including packaging and labeling for consumer products, piping, ropes, cabling, and plastic parts for various industries.