PureCycle Technologies (NASDAQ:PCT) Stock Price Down 4% - Here's Why

Key Points

• PureCycle Technologies' stock (NASDAQ:PCT) dropped 4% during mid-day trading, closing at $12.77, a decline from its previous close of $13.30.
• Wall Street analysts have mixed opinions, with one strong buy rating, three buy ratings, and a sell rating, resulting in a consensus price target of $14.67.
• The company reported a quarterly loss of ($0.35) earnings per share, missing analysts' expectations, with revenue of $1.65 million compared to the anticipated $4.10 million.

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) dropped 4% during mid-day trading on Monday . The company traded as low as $12.64 and last traded at $12.77. Approximately 472,617 shares were traded during trading, a decline of 85% from the average daily volume of 3,076,104 shares. The stock had previously closed at $13.30.

Wall Street Analysts Forecast Growth

PCT has been the subject of several recent analyst reports. TD Cowen raised shares of PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. Cantor Fitzgerald reiterated an "overweight" rating and issued a $16.00 target price on shares of PureCycle Technologies in a report on Friday, August 8th. Wall Street Zen lowered shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a report on Monday, July 21st. Finally, Cowen reiterated a "buy" rating on shares of PureCycle Technologies in a research note on Friday, August 8th. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $14.67.

PureCycle Technologies Price Performance

The company's 50-day simple moving average is $13.85 and its 200-day simple moving average is $10.07. The company has a debt-to-equity ratio of 3.54, a current ratio of 2.14 and a quick ratio of 2.07. The company has a market cap of $2.33 billion, a price-to-earnings ratio of -7.65 and a beta of 1.94.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.12). The company had revenue of $1.65 million for the quarter, compared to analysts' expectations of $4.10 million. On average, equities research analysts anticipate that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Institutional Investors Weigh In On PureCycle Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the business. NBC Securities Inc. bought a new position in shares of PureCycle Technologies during the 1st quarter valued at about $25,000. Sterling Capital Management LLC lifted its stake in PureCycle Technologies by 775.3% during the fourth quarter. Sterling Capital Management LLC now owns 3,230 shares of the company's stock valued at $33,000 after purchasing an additional 2,861 shares during the last quarter. CWM LLC boosted its holdings in PureCycle Technologies by 158.7% during the first quarter. CWM LLC now owns 4,960 shares of the company's stock worth $34,000 after buying an additional 3,043 shares in the last quarter. Nisa Investment Advisors LLC grew its position in PureCycle Technologies by 278.1% in the second quarter. Nisa Investment Advisors LLC now owns 2,571 shares of the company's stock worth $35,000 after buying an additional 1,891 shares during the last quarter. Finally, KBC Group NV bought a new position in shares of PureCycle Technologies in the first quarter valued at $41,000. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

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.

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