PureCycle Technologies (NASDAQ:PCT) Reaches New 52-Week Low – Here’s What Happened

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Cantor Fitzgerald reduced their price objective on shares of PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Weiss Ratings reiterated a “sell (e+)” rating on shares of PureCycle Technologies in a research note 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. Based on data from MarketBeat, PureCycle Technologies presently has an average rating of “Hold” and a consensus target price of $11.75.

PureCycle Technologies Trading Up 0.3%

The firm has a market capitalization of $588.64 million, a PE ratio of -2.01 and a beta of 2.63. The firm has a 50 day simple moving average of $5.42 and a 200 day simple moving average of $7.30. The company has a current ratio of 2.60, a quick ratio of 2.42 and a debt-to-equity ratio of 27.37.

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

Insider Buying and Selling

In other PureCycle Technologies news, Director Fernando Musa bought 15,479 shares of the firm’s stock in a transaction on Friday, September 4th. The stock was acquired at an average price of $6.38 per share, with a total value of $98,756.02. Following the transaction, the director owned 175,983 shares in the company, valued at $1,122,771.54. This represents a 9.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 18.80% of the company’s stock.

Institutional Trading of PureCycle Technologies

A number of institutional investors have recently made changes to their positions in PCT. SHP Wealth Management purchased a new stake in PureCycle Technologies in the fourth quarter worth approximately $43,000. Cassaday & Co Wealth Management LLC purchased a new stake in PureCycle Technologies during the 1st quarter valued at $33,000. Avidian Wealth Enterprises LLC purchased a new stake in PureCycle Technologies during the 3rd quarter valued at $44,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in PureCycle Technologies during the 2nd quarter valued at $82,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of PureCycle Technologies during the 3rd quarter valued at $45,000. Hedge funds and other institutional investors 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.