PureCycle Technologies (NASDAQ:PCT) Posts Quarterly Earnings Results, Misses Expectations By $0.32 EPS

PureCycle Technologies (NASDAQ:PCT) released its quarterly earnings data on Thursday. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.32), reports.

PureCycle Technologies Stock Performance

PCT traded up $0.80 during trading hours on Friday, hitting $10.02. 1,724,645 shares of the stock were exchanged, compared to its average volume of 2,203,305. The stock has a 50-day simple moving average of $9.74 and a 200-day simple moving average of $9.85. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63. PureCycle Technologies has a 12 month low of $4.50 and a 12 month high of $15.58. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of -6.66 and a beta of 1.58.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PCT. TD Cowen increased their price target on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Stifel Nicolaus lifted their price target on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price target on shares of PureCycle Technologies in a research report on Tuesday, November 19th.

Insider Activity

In other news, major shareholder Sylebra Capital Llc acquired 619,925 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The shares were acquired at an average price of $8.06 per share, with a total value of $4,996,595.50. Following the acquisition, the insider now directly owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. The trade was a 1.85 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.09% of the company’s stock.

PureCycle Technologies Company Profile

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.