PureCycle Technologies, Inc. (NASDAQ:PCT – Get Free Report) saw some unusual options trading on Thursday. Traders acquired 52,983 put options on the company. This represents an increase of approximately 259% compared to the typical daily volume of 14,740 put options.
Institutional Trading of PureCycle Technologies
Large investors have recently bought and sold shares of the company. Hohimer Wealth Management LLC purchased a new position in shares of PureCycle Technologies in the third quarter valued at $6,452,000. SWS Partners grew its position in shares of PureCycle Technologies by 31.9% in the fourth quarter. SWS Partners now owns 988,463 shares of the company’s stock valued at $8,491,000 after purchasing an additional 238,947 shares in the last quarter. Fiscal Wisdom Wealth Management LLC purchased a new position in shares of PureCycle Technologies in the third quarter valued at $2,798,000. Principal Financial Group Inc. purchased a new position in shares of PureCycle Technologies in the third quarter valued at $890,000. Finally, First National Bank of Omaha purchased a new position in shares of PureCycle Technologies in the third quarter valued at $2,684,000. 63.01% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on PCT. Wall Street Zen downgraded PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 10th. TD Cowen decreased their price target on PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Friday, May 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PureCycle Technologies in a research report on Friday, June 5th. Finally, Cantor Fitzgerald decreased their price target on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, PureCycle Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $12.00.
PureCycle Technologies Stock Performance
NASDAQ:PCT traded down $1.31 during trading hours on Thursday, reaching $8.58. The stock had a trading volume of 26,323,607 shares, compared to its average volume of 4,801,236. The company has a debt-to-equity ratio of 47.59, a quick ratio of 1.57 and a current ratio of 1.71. The stock has a 50 day simple moving average of $9.09 and a 200 day simple moving average of $8.74. PureCycle Technologies has a 12-month low of $4.93 and a 12-month high of $17.37. The stock has a market cap of $1.55 billion, a P/E ratio of -5.85 and a beta of 2.48.
PureCycle Technologies (NASDAQ:PCT – Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.05. PureCycle Technologies had a negative return on equity of 393.01% and a negative net margin of 2,062.36%.The business had revenue of $4.13 million during the quarter, compared to the consensus estimate of $3.83 million. On average, research analysts forecast that PureCycle Technologies will post -0.99 EPS for the current fiscal year.
PureCycle Technologies Company Profile
PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra‐pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.
Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.
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