PureCycle Technologies (NYSE:PCT) Shares Down 4.8%

PureCycle Technologies, Inc. (NYSE:PCT)’s stock price dropped 4.8% during mid-day trading on Thursday . The stock traded as low as $13.49 and last traded at $13.52. Approximately 5,064 shares traded hands during trading, a decline of 100% from the average daily volume of 1,015,892 shares. The stock had previously closed at $14.20.

PCT has been the subject of a number of research reports. Zacks Investment Research upgraded shares of PureCycle Technologies from a “sell” rating to a “hold” rating in a research report on Thursday. Jefferies Financial Group began coverage on shares of PureCycle Technologies in a research report on Thursday, August 26th. They set a “buy” rating and a $25.00 target price for the company. Oppenheimer boosted their target price on PureCycle Technologies from $24.00 to $28.00 and gave the stock an “outperform” rating in a research report on Thursday, June 24th. They noted that the move was a valuation call. Finally, Cowen began coverage on PureCycle Technologies in a research report on Thursday, September 23rd. They issued an “outperform” rating and a $31.00 target price on the stock. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $31.80.

The company has a debt-to-equity ratio of 0.89, a current ratio of 5.59 and a quick ratio of 5.59. The company has a 50-day moving average of $13.69 and a 200 day moving average of $18.15.

PureCycle Technologies (NYSE:PCT) last released its quarterly earnings results on Thursday, August 12th. The company reported ($0.13) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by ($0.03). As a group, analysts expect that PureCycle Technologies, Inc. will post -0.71 EPS for the current year.

In related news, CFO Michael E. Dee purchased 4,190 shares of the stock in a transaction that occurred on Friday, August 20th. The stock was bought at an average cost of $11.93 per share, for a total transaction of $49,986.70. Following the completion of the transaction, the chief financial officer now directly owns 1,025,778 shares in the company, valued at $12,237,531.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Institutional investors have recently bought and sold shares of the stock. Atlantic Trust LLC purchased a new stake in PureCycle Technologies in the 2nd quarter worth about $36,000. Citigroup Inc. bought a new position in PureCycle Technologies in the 2nd quarter valued at $37,000. Ameritas Investment Partners Inc. bought a new position in PureCycle Technologies in the 2nd quarter valued at $61,000. Ionic Capital Management LLC bought a new position in PureCycle Technologies in the 2nd quarter valued at $79,000. Finally, Legal & General Group Plc purchased a new stake in PureCycle Technologies in the 2nd quarter valued at about $82,000. 39.79% of the stock is currently owned by institutional investors.

PureCycle Technologies Company Profile (NYSE:PCT)

PureCycle Technologies LLC produces recycled polypropylene. It uses a recycling process that separates color, odor, and contaminants from plastic waste feedstock into recycled polypropylene. Its recycling service converts waste plastic into virgin-like plastic. The company was founded in 2015 and is based in Orlando, Florida.

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