PureCycle Technologies (NASDAQ:PCT) Announces Earnings Results

PureCycle Technologies (NASDAQ:PCT) announced its earnings results on Thursday. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.32), reports.

PureCycle Technologies Trading Up 9.2 %

PureCycle Technologies stock traded up $0.85 during trading on Friday, reaching $10.07. 1,817,950 shares of the company were exchanged, compared to its average volume of 2,204,686. PureCycle Technologies has a 52-week low of $4.50 and a 52-week high of $15.58. 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 stock’s 50 day simple moving average is $9.74 and its two-hundred day simple moving average is $9.85. The company has a market capitalization of $1.75 billion, a P/E ratio of -6.71 and a beta of 1.58.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc bought 619,925 shares of PureCycle Technologies stock in a transaction on Thursday, February 6th. The shares were bought at an average price of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the transaction, the insider now directly owns 34,077,574 shares of the company’s stock, valued at $274,665,246.44. This trade represents a 1.85 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 2.09% of the stock is currently owned by company insiders.

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.