PureCycle Technologies (NYSE:PCT) Shares Down 7.9%

Shares of PureCycle Technologies, Inc. (NYSE:PCT) were down 7.9% during trading on Tuesday . The company traded as low as $8.66 and last traded at $8.75. Approximately 1,741,951 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 2,282,475 shares. The stock had previously closed at $9.50.

Analyst Ratings Changes

PCT has been the topic of several analyst reports. Stifel Nicolaus lifted their price target on shares of PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. TD Cowen lifted their price target on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Craig Hallum lifted their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $6.75.

PureCycle Technologies Price Performance

The company’s 50-day moving average price is $6.98 and its two-hundred day moving average price is $6.05. The company has a market cap of $1.45 billion, a P/E ratio of -8.75 and a beta of 1.60. The company has a current ratio of 0.67, a quick ratio of 0.54 and a debt-to-equity ratio of 1.06.

PureCycle Technologies (NYSE:PCT) last released its earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.13). As a group, sell-side analysts expect that PureCycle Technologies, Inc. will post -0.85 earnings per share for the current year.

Insider Transactions at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was acquired at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the acquisition, the insider now owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 11.44% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PCT. Longview Asset Management LLC bought a new position in PureCycle Technologies in the 2nd quarter valued at about $57,521,000. Abundance Wealth Counselors increased its position in shares of PureCycle Technologies by 21.0% during the 1st quarter. Abundance Wealth Counselors now owns 6,782,137 shares of the company’s stock valued at $42,185,000 after purchasing an additional 1,178,570 shares during the period. Van ECK Associates Corp bought a new stake in shares of PureCycle Technologies in the 2nd quarter worth $3,121,000. Sierra Summit Advisors LLC bought a new position in PureCycle Technologies during the fourth quarter valued at about $964,000. Finally, Sanctuary Advisors LLC bought a new stake in PureCycle Technologies in the second quarter worth about $689,000. 63.01% of the stock is owned by institutional investors and hedge funds.

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.