PureCycle Technologies (NYSE:PCT) Trading Down 4%

PureCycle Technologies, Inc. (NYSE:PCT) traded down 4% during trading on Wednesday . The company traded as low as $8.34 and last traded at $8.41. 1,184,858 shares were traded during trading, a decline of 47% from the average session volume of 2,238,001 shares. The stock had previously closed at $8.76.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PCT shares. Stifel Nicolaus boosted their price target on shares of PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Craig Hallum boosted their price objective on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, TD Cowen increased their price objective on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $6.75.

PureCycle Technologies Stock Performance

The firm has a fifty day moving average price of $6.34 and a 200 day moving average price of $5.79. The stock has a market cap of $1.39 billion, a PE ratio of -8.59 and a beta of 1.60. 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 (NYSE:PCT) last released 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 -0.87 earnings per share for the current fiscal year.

Insider Activity at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was bought at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the transaction, the insider now directly owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 11.44% of the stock is owned by insiders.

Hedge Funds Weigh In On PureCycle Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Longview Asset Management LLC purchased a new position in PureCycle Technologies during the second quarter valued at $57,521,000. Abundance Wealth Counselors lifted its stake in PureCycle Technologies by 21.0% in the 1st quarter. Abundance Wealth Counselors now owns 6,782,137 shares of the company’s stock valued at $42,185,000 after buying an additional 1,178,570 shares in the last quarter. Van ECK Associates Corp acquired a new stake in PureCycle Technologies in the 2nd quarter worth about $3,121,000. SWS Partners increased its stake in PureCycle Technologies by 40.9% during the 4th quarter. SWS Partners now owns 877,924 shares of the company’s stock worth $3,556,000 after buying an additional 255,019 shares in the last quarter. Finally, Sierra Summit Advisors LLC acquired a new position in shares of PureCycle Technologies during the fourth quarter valued at approximately $964,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.

About PureCycle Technologies

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.