PureCycle Technologies (NASDAQ:PCT) Trading Down 5.1% - What's Next?

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) was down 5.1% during trading on Thursday . The stock traded as low as $9.69 and last traded at $9.73. Approximately 1,615,767 shares traded hands during trading, a decline of 35% from the average daily volume of 2,467,168 shares. The stock had previously closed at $10.25.

Analyst Ratings Changes

Separately, TD Cowen reduced their target price on shares of PureCycle Technologies from $15.00 to $13.00 and set a "buy" rating for the company in a report on Thursday, May 8th.

PureCycle Technologies Trading Down 3.4%

The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36. The business has a 50 day simple moving average of $7.31 and a two-hundred day simple moving average of $9.17. The stock has a market cap of $1.69 billion, a price-to-earnings ratio of -6.28 and a beta of 1.68.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.27) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.02). The business had revenue of $1.58 million during the quarter, compared to the consensus estimate of $4.27 million. As a group, equities analysts anticipate that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Institutional Trading of PureCycle Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of PCT. Sylebra Capital LLC raised its position in PureCycle Technologies by 1.9% during the first quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company's stock valued at $235,817,000 after purchasing an additional 619,925 shares in the last quarter. Vanguard Group Inc. increased 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 valued at $102,149,000 after buying an additional 660,837 shares during the last quarter. Samlyn Capital LLC increased its stake in shares of PureCycle Technologies by 19.1% during the 1st quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company's stock worth $43,057,000 after purchasing an additional 997,337 shares during the last quarter. Gladstone Institutional Advisory LLC boosted its holdings in PureCycle Technologies by 3.7% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 3,462,652 shares of the company's stock worth $35,492,000 after buying an additional 122,700 shares during the period. Finally, Duquesne Family Office LLC boosted its holdings in PureCycle Technologies by 111.3% in the 1st quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company's stock valued at $23,285,000 after purchasing an additional 1,772,342 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.