PureCycle Technologies (NASDAQ:PCT) Trading Down 4.7% – Time to Sell?

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) dropped 4.7% during mid-day trading on Monday . The company traded as low as $12.22 and last traded at $12.27. Approximately 477,234 shares were traded during trading, a decline of 80% from the average daily volume of 2,341,998 shares. The stock had previously closed at $12.87.

Analyst Ratings Changes

PCT has been the topic of several recent analyst reports. TD Cowen lifted their target price on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Craig Hallum lifted their target price on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Stifel Nicolaus lifted their price target on shares of PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Finally, Cantor Fitzgerald started coverage on shares of PureCycle Technologies in a report on Friday, October 18th. They issued an “overweight” rating and a $14.00 price target on the stock. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $8.20.

PureCycle Technologies Price Performance

The business’s 50-day moving average price is $9.08 and its 200 day moving average price is $6.91. The stock has a market capitalization of $2.08 billion, a PE ratio of -13.41 and a beta of 1.55. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67.

PureCycle Technologies (NASDAQ:PCT) last announced its earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.13). Research analysts forecast that PureCycle Technologies, Inc. will post -0.98 earnings per share for the current year.

Insider Buying and Selling

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the stock in a transaction on Friday, September 13th. The stock was acquired at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the purchase, the insider now directly owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.44% of the stock is owned by company insiders.

Hedge Funds Weigh In On PureCycle Technologies

Several hedge funds and other institutional investors have recently modified their holdings of PCT. Ensign Peak Advisors Inc purchased a new stake in PureCycle Technologies in the second quarter worth about $311,000. Abundance Wealth Counselors lifted its holdings in PureCycle Technologies by 6.0% in the second quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock worth $42,562,000 after buying an additional 407,353 shares during the period. Longview Asset Management LLC purchased a new stake in PureCycle Technologies in the second quarter worth about $57,521,000. Marshall Wace LLP purchased a new stake in PureCycle Technologies in the second quarter worth about $322,000. Finally, Sanctuary Advisors LLC purchased a new stake in PureCycle Technologies in the second quarter worth about $689,000. 63.01% of the stock is owned by institutional investors.

PureCycle Technologies Company Profile

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.