PureCycle Technologies (NASDAQ:PCT) Hits New 1-Year Low – Here’s Why

PureCycle Technologies, Inc. (NASDAQ:PCT) shares reached a new 52-week low during mid-day trading on Wednesday. The stock traded as low as $4.34 and last traded at $4.43, with a volume of 6268632 shares traded. The stock had previously closed at $4.66.

Wall Street Analyst Weigh In

Several analysts have weighed in on PCT shares. Cantor Fitzgerald lowered their price objective on PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Alembic Global Advisors set a $16.00 target price on shares of PureCycle Technologies in a report on Tuesday, June 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PureCycle Technologies in a research note on Wednesday, September 2nd. Finally, Northland Securities set a $13.00 price target on shares of PureCycle Technologies in a report on Friday, June 12th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $11.75.

PureCycle Technologies Stock Down 2.7%

The company has a debt-to-equity ratio of 27.37, a current ratio of 2.60 and a quick ratio of 2.42. The stock has a market capitalization of $861.86 million, a PE ratio of -2.94 and a beta of 2.63. The company has a 50 day moving average price of $6.22 and a 200-day moving average price of $7.47.

PureCycle Technologies (NASDAQ:PCT) 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 company had revenue of $4.51 million during the quarter, compared to analysts’ expectations of $6.11 million. As a group, analysts forecast that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling at PureCycle Technologies

In other news, Director Fernando Musa bought 15,479 shares of PureCycle Technologies stock in a transaction on Friday, September 4th. The shares were purchased at an average price of $6.38 per share, for a total transaction of $98,756.02. Following the acquisition, the director owned 175,983 shares of the company’s stock, valued at approximately $1,122,771.54. The trade was a 9.64% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 18.80% of the company’s stock.

Institutional Investors Weigh In On PureCycle Technologies

Hedge funds have recently made changes to their positions in the company. State Street Corp raised its holdings in PureCycle Technologies by 12.0% in the second quarter. State Street Corp now owns 3,331,674 shares of the company’s stock worth $27,020,000 after purchasing an additional 355,675 shares in the last quarter. Rokos Capital Management LLP bought a new stake in shares of PureCycle Technologies during the 1st quarter valued at $7,526,000. PNC Financial Services Group Inc. grew its position in shares of PureCycle Technologies by 18.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,445,556 shares of the company’s stock worth $7,502,000 after buying an additional 222,996 shares during the period. SWS Partners purchased a new stake in shares of PureCycle Technologies in the 2nd quarter worth about $11,637,000. Finally, NewEdge Advisors LLC increased its stake in shares of PureCycle Technologies by 600.9% in the 2nd quarter. NewEdge Advisors LLC now owns 1,186,811 shares of the company’s stock worth $9,625,000 after acquiring an additional 1,017,488 shares in the last quarter. 63.01% of the stock is currently owned by institutional investors.

About PureCycle Technologies

PureCycle Technologies, Inc is a chemical recycling company that develops and operates technology designed to convert waste polypropylene plastic into recycled polypropylene resin. Unlike conventional mechanical recycling, which can leave behind colors, odors and other contaminants, PureCycle’s proprietary purification process is intended to separate impurities from polypropylene and produce a recycled material with properties similar to virgin resin.

The company’s products are recycled polypropylene pellets and related materials that can be used in applications such as packaging, consumer products, automotive components and other molded plastic goods.