PureCycle Technologies (NASDAQ:PCT) Sets New 12-Month Low – Here’s What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT)’s share price reached a new 52-week low during trading on Monday. The company traded as low as $3.00 and last traded at $2.9580, with a volume of 306,362 shares traded. The stock had previously closed at $3.07.

Analyst Upgrades and Downgrades

PCT has been the topic of several research analyst reports. Cantor Fitzgerald reduced their price objective on PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Weiss Ratings reiterated 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 issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, PureCycle Technologies has an average rating of “Hold” and an average price target of $11.75.

PureCycle Technologies Stock Down 7.1%

The firm’s 50-day moving average price is $5.60 and its 200-day moving average price is $7.33. The company has a market cap of $573.17 million, a price-to-earnings ratio of -1.98 and a beta of 2.63. The company has a debt-to-equity ratio of 27.37, a current ratio of 2.60 and a quick ratio of 2.42.

PureCycle Technologies (NASDAQ:PCT) last issued its earnings results on Thursday, August 6th. The company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.51). The business had revenue of $4.51 million during the quarter, compared to analysts’ expectations of $6.11 million. PureCycle Technologies had a negative net margin of 1,618.84% and a negative return on equity of 612.39%. Sell-side analysts forecast that PureCycle Technologies, Inc. will post -0.90 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Fernando Musa purchased 15,479 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was purchased at an average cost of $6.38 per share, for a total transaction of $98,756.02. Following the acquisition, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 18.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PCT. Rokos Capital Management LLP purchased a new stake in shares of PureCycle Technologies during the 1st quarter valued at about $7,526,000. SWS Partners purchased a new position in PureCycle Technologies in the 2nd quarter worth approximately $11,637,000. Cibc World Market Inc. purchased a new position in PureCycle Technologies in the 2nd quarter worth approximately $9,201,000. NewEdge Advisors LLC boosted its holdings in 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 during the period. Finally, Bank of America Corp DE purchased a new position in PureCycle Technologies in the 2nd quarter worth approximately $5,095,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Company Profile

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.