PureCycle Technologies Sees Unusually High Options Volume (NASDAQ:PCT)

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) saw unusually large options trading activity on Wednesday. Stock traders acquired 19,242 call options on the company. This is an increase of approximately 66% compared to the typical daily volume of 11,617 call options.

PureCycle Technologies Stock Performance

Shares of PCT stock traded up $0.76 during trading hours on Wednesday, hitting $13.79. The stock had a trading volume of 1,601,780 shares, compared to its average volume of 2,965,939. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.55 and a quick ratio of 0.45. The firm has a market capitalization of $2.48 billion, a PE ratio of -11.78 and a beta of 1.90. The stock's 50 day moving average is $9.81 and its 200 day moving average is $9.10. PureCycle Technologies has a twelve month low of $4.50 and a twelve month high of $15.58.

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

Wall Street Analysts Forecast Growth

PCT has been the subject of several research analyst reports. Cantor Fitzgerald restated an "overweight" rating and issued a $16.00 target price (up previously from $12.00) on shares of PureCycle Technologies in a report on Tuesday, June 24th. Wall Street Zen raised shares of PureCycle Technologies from a "sell" rating to a "hold" rating in a research report on Saturday, June 14th. Finally, TD Cowen upgraded shares of PureCycle Technologies to a "strong-buy" rating in a research note on Monday, June 23rd. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $12.50.

Institutional Investors Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Sylebra Capital LLC increased its position in PureCycle Technologies by 1.9% in the 1st quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company's stock valued at $235,817,000 after acquiring an additional 619,925 shares during the period. Vanguard Group Inc. grew its stake in shares of 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 purchasing an additional 660,837 shares during the last quarter. Samlyn Capital LLC increased its holdings 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. Duquesne Family Office LLC increased its holdings in shares of PureCycle Technologies by 111.3% in the first 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. Finally, Geode Capital Management LLC raised its stake in shares of PureCycle Technologies by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 3,185,348 shares of the company's stock worth $32,658,000 after purchasing an additional 60,903 shares during the last quarter. 63.01% of the stock is 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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