PureCycle Technologies (NASDAQ:PCT) Hits New 12-Month Low – Time to Sell?

PureCycle Technologies, Inc. (NASDAQ:PCT) hit a new 52-week low during trading on Tuesday. The stock traded as low as $3.59 and last traded at $3.60, with a volume of 5,381,632 shares traded. The stock had previously closed at $3.92.

Analyst Upgrades and Downgrades

PCT has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PureCycle Technologies in a research note on Wednesday, September 2nd. Cantor Fitzgerald reduced their price objective on shares of PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $11.75.

PureCycle Technologies Stock Performance

The stock’s 50-day moving average price is $5.76 and its 200-day moving average price is $7.36. The company has a market capitalization of $646.90 million, a price-to-earnings ratio of -2.21 and a beta of 2.63. The company has a debt-to-equity ratio of 27.37, a quick ratio of 2.42 and a current ratio of 2.60.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $4.51 million during the quarter, compared to analyst estimates of $6.11 million. As a group, equities research analysts expect that PureCycle Technologies, Inc. will post -0.90 earnings per share for the current year.

Insider Transactions at PureCycle Technologies

In other news, Director Fernando Musa bought 15,479 shares of the firm’s stock in a transaction 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 $1,122,771.54. This trade represents a 9.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 18.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC raised its position in PureCycle Technologies by 2.3% during the second quarter. Integrated Wealth Concepts LLC now owns 71,442 shares of the company’s stock worth $579,000 after acquiring an additional 1,625 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of PureCycle Technologies by 1.7% in the first quarter. Cetera Investment Advisers now owns 110,643 shares of the company’s stock valued at $574,000 after purchasing an additional 1,823 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of PureCycle Technologies by 17.6% in the first quarter. Sequoia Financial Advisors LLC now owns 13,451 shares of the company’s stock valued at $70,000 after purchasing an additional 2,016 shares in the last quarter. Corient Private Wealth LLC grew its position in shares of PureCycle Technologies by 3.6% in the fourth quarter. Corient Private Wealth LLC now owns 76,479 shares of the company’s stock valued at $657,000 after purchasing an additional 2,692 shares during the last quarter. Finally, Koa Wealth Management LLC grew its position in shares of PureCycle Technologies by 34.2% in the first quarter. Koa Wealth Management LLC now owns 13,825 shares of the company’s stock valued at $72,000 after purchasing an additional 3,525 shares during the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

About PureCycle Technologies

PureCycle Technologies, Inc is a recycling technology company that develops and operates facilities designed to convert waste polypropylene (PP) plastic into recycled resin. Its process is intended to remove colors, odors and other contaminants from used polypropylene, producing a material with properties comparable to virgin polypropylene.

The company’s primary product is PureFive™ recycled polypropylene, which can be used in applications such as packaging, consumer products, automotive components and other plastic goods.