PureCycle Technologies, Inc. (NASDAQ:PCT – Get Free Report) traded up 8.1% on Tuesday. The stock traded as high as $2.83 and last traded at $2.8850. Approximately 563,164 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 4,910,432 shares. The stock had previously closed at $2.67.
Analysts Set New Price Targets
PCT has been the topic of a number of recent research reports. Cantor Fitzgerald dropped their price objective on PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PureCycle Technologies in a report on Wednesday, September 2nd. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $11.75.
PureCycle Technologies Stock Up 11.4%
The company has a market cap of $597.68 million, a PE ratio of -2.04 and a beta of 2.63. The stock has a 50-day moving average of $5.09 and a 200-day moving average of $7.47. The company has a quick ratio of 2.42, a current ratio of 2.60 and a debt-to-equity ratio of 27.37.
PureCycle Technologies (NASDAQ:PCT – Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.51). PureCycle Technologies had a negative return on equity of 612.39% and a negative net margin of 1,618.84%. The business had revenue of $4.51 million for the quarter, compared to analysts’ expectations of $6.11 million. Sell-side analysts predict that PureCycle Technologies, Inc. will post -0.90 earnings per share for the current fiscal year.
Insider Activity at PureCycle Technologies
In related news, Director Fernando Musa acquired 15,479 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The shares were bought at an average cost of $6.38 per share, for a total transaction of $98,756.02. Following the completion of the transaction, the director owned 175,983 shares in the company, valued at approximately $1,122,771.54. This trade represents a 9.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 18.80% of the company’s stock.
Hedge Funds Weigh In On PureCycle Technologies
A number of institutional investors have recently made changes to their positions in PCT. WESPAC Advisors LLC bought a new position in shares of PureCycle Technologies during the 3rd quarter valued at about $268,000. Verdence Capital Advisors LLC purchased a new stake in PureCycle Technologies during the 3rd quarter valued at $270,000. Sigma Planning Corp purchased a new position in shares of PureCycle Technologies in the third quarter valued at about $48,000. Capital Investment Advisors LLC purchased a new stake in shares of PureCycle Technologies during the third quarter worth about $190,000. Finally, Inspire Investing LLC bought a new stake in shares of PureCycle Technologies in the third quarter worth about $642,000. Institutional investors own 63.01% of the company’s stock.
PureCycle Technologies Company Profile
PureCycle Technologies, Inc (NASDAQ:PCT) is a recycling technology company focused on converting waste polypropylene (PP) into recycled resin with properties designed to be comparable to virgin polypropylene. Its technology is intended to remove color, odor and other contaminants from used plastic, expanding the potential for recycled PP in applications that traditionally rely on virgin materials.
The company processes post-consumer and post-industrial polypropylene feedstock into purified recycled polypropylene products.
Read More
- Five stocks we like better than PureCycle Technologies
- Whirlpool’s Stock Collapse Raises a Bigger Question About Its Recovery Potential
- Analysts Turn Bullish on Meta Platforms Despite Post-Earnings Fall
- Approaching Earnings Season, Are Pure Play Quantum Stocks Still a Good Bet?
- Lockheed Martin’s F-35 Deal Could Change How Wall Street Values the Stock
Receive News & Ratings for PureCycle Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PureCycle Technologies and related companies with MarketBeat.com's FREE daily email newsletter.
