PureCycle Technologies (NASDAQ:PCT) Stock Price Down 8.4% – Here’s What Happened

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) fell 8.4% during trading on Friday . The stock traded as low as $8.48 and last traded at $8.37. 814,161 shares traded hands during trading, a decline of 64% from the average session volume of 2,249,527 shares. The stock had previously closed at $9.13.

Wall Street Analyst Weigh In

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

PureCycle Technologies Trading Down 5.4 %

The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63. The firm’s 50 day moving average price is $9.60 and its 200 day moving average price is $9.98. The stock has a market capitalization of $1.55 billion, a P/E ratio of -5.72 and a beta of 1.55.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.32). As a group, equities research analysts expect that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Insider Buying and Selling at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc bought 619,925 shares of the stock in a transaction dated Thursday, February 6th. The stock was bought at an average price of $8.06 per share, for a total transaction of $4,996,595.50. Following the purchase, the insider now directly owns 34,077,574 shares in the company, valued at $274,665,246.44. This trade represents a 1.85 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.44% of the company’s stock.

Hedge Funds Weigh In On PureCycle Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sylebra Capital LLC increased its stake in shares of PureCycle Technologies by 14.6% in the 3rd quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock worth $317,848,000 after acquiring an additional 4,264,393 shares in the last quarter. Vanguard Group Inc. grew its holdings in PureCycle Technologies by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 14,100,507 shares of the company’s stock worth $144,530,000 after purchasing an additional 758,382 shares during the period. Appian Way Asset Management LP increased its stake in shares of PureCycle Technologies by 12.9% during the third quarter. Appian Way Asset Management LP now owns 5,674,168 shares of the company’s stock valued at $53,905,000 after purchasing an additional 650,426 shares in the last quarter. Gladstone Institutional Advisory LLC lifted its holdings in shares of PureCycle Technologies by 3.7% during the fourth quarter. Gladstone Institutional Advisory LLC now owns 3,462,652 shares of the company’s stock valued at $35,492,000 after purchasing an additional 122,700 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of PureCycle Technologies by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 3,185,348 shares of the company’s stock worth $32,658,000 after purchasing an additional 60,903 shares in the last quarter. 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.