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.

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on PCT. Wall Street Zen cut PureCycle Technologies from a "hold" rating to a "sell" rating in a research note on Monday, July 21st. TD Cowen upgraded shares of PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. Cowen reaffirmed a "buy" rating on shares of PureCycle Technologies in a report on Friday, August 8th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $16.00 target price on shares of PureCycle Technologies in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $14.67.

PureCycle Technologies Stock Performance

The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of -7.70 and a beta of 1.94. The company has a debt-to-equity ratio of 3.54, a quick ratio of 2.07 and a current ratio of 2.14. The stock's 50-day moving average price is $13.99 and its 200-day moving average price is $10.18.

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

Institutional Investors Weigh In On PureCycle Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sylebra Capital LLC increased its position in PureCycle Technologies by 1.9% during the 1st quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company's stock worth $235,817,000 after purchasing an additional 619,925 shares in the last quarter. Vanguard Group Inc. grew its stake in PureCycle Technologies by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company's stock worth $102,149,000 after acquiring an additional 660,837 shares during the period. Samlyn Capital LLC grew its position in shares of PureCycle Technologies by 19.1% in the first quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company's stock valued at $43,057,000 after purchasing an additional 997,337 shares during the period. Geode Capital Management LLC grew its stake in shares of PureCycle Technologies by 2.2% during the 2nd quarter. Geode Capital Management LLC now owns 3,391,126 shares of the company's stock valued at $46,465,000 after buying an additional 71,401 shares during the period. Finally, Duquesne Family Office LLC raised its holdings in shares of PureCycle Technologies by 111.3% in the 1st quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company's stock worth $23,285,000 after purchasing an additional 1,772,342 shares during the period. Hedge funds and other institutional investors own 63.01% of the company's stock.

PureCycle Technologies Company Profile

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.