PureCycle Technologies (NYSE:PCT) Shares Down 2.8% – What’s Next?

PureCycle Technologies, Inc. (NYSE:PCT)’s share price dropped 2.8% on Monday . The stock traded as low as $13.66 and last traded at $13.72. Approximately 835,163 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 2,337,803 shares. The stock had previously closed at $14.12.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PCT. TD Cowen upped their target price on PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Cantor Fitzgerald began coverage on PureCycle Technologies in a report on Friday, October 18th. They issued an “overweight” rating and a $14.00 price objective for the company. Craig Hallum lifted their target price on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 9th. Finally, Stifel Nicolaus upped their price target on shares of PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, PureCycle Technologies presently has a consensus rating of “Hold” and an average target price of $8.20.

PureCycle Technologies Stock Down 0.8 %

The company has a quick ratio of 0.54, a current ratio of 0.67 and a debt-to-equity ratio of 1.06. The company’s 50 day moving average price is $8.32 and its 200 day moving average price is $6.63.

PureCycle Technologies (NYSE:PCT) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). As a group, research analysts expect that PureCycle Technologies, Inc. will post -0.98 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was acquired at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the acquisition, the insider now directly owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.09% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PureCycle Technologies

Institutional investors and hedge funds have recently modified their holdings of the company. Fortis Group Advisors LLC boosted its position in PureCycle Technologies by 12.5% during the third quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock worth $117,000 after purchasing an additional 1,376 shares in the last quarter. Patriot Financial Group Insurance Agency LLC boosted its position in shares of PureCycle Technologies by 7.4% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 26,846 shares of the company’s stock worth $159,000 after buying an additional 1,850 shares in the last quarter. Hsbc Holdings PLC grew its stake in PureCycle Technologies by 11.4% in the 2nd quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock valued at $111,000 after acquiring an additional 1,910 shares during the last quarter. Foster Victor Wealth Advisors LLC increased its holdings in PureCycle Technologies by 6.7% during the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 31,951 shares of the company’s stock valued at $192,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its position in PureCycle Technologies by 1.1% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 183,600 shares of the company’s stock worth $1,087,000 after acquiring an additional 2,083 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.

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.