PureCycle Technologies (NASDAQ:PCT) Trading 6.8% Higher – Here’s What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT) shares traded up 6.8% during trading on Thursday . The company traded as high as $10.04 and last traded at $10.11. 1,262,491 shares were traded during mid-day trading, a decline of 40% from the average session volume of 2,109,003 shares. The stock had previously closed at $9.47.

Wall Street Analyst Weigh In

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

PureCycle Technologies Price Performance

The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74. The firm has a market capitalization of $1.79 billion, a P/E ratio of -6.87 and a beta of 1.58. The company has a 50-day moving average price of $9.73 and a 200-day moving average price of $9.88.

PureCycle Technologies (NASDAQ:PCT) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.32). On average, sell-side analysts predict that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Insiders Place Their Bets

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 purchased at an average cost of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the acquisition, the insider now owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. The trade was a 1.85 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.09% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp raised its stake in shares of PureCycle Technologies by 286.0% in the 4th quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company’s stock valued at $32,000 after purchasing an additional 2,291 shares during the period. Sterling Capital Management LLC raised its stake in shares of PureCycle Technologies by 775.3% in the 4th quarter. Sterling Capital Management LLC now owns 3,230 shares of the company’s stock valued at $33,000 after purchasing an additional 2,861 shares during the period. US Bancorp DE raised its stake in shares of PureCycle Technologies by 141.5% in the 4th quarter. US Bancorp DE now owns 3,446 shares of the company’s stock valued at $35,000 after purchasing an additional 2,019 shares during the period. Brown Brothers Harriman & Co. acquired a new stake in shares of PureCycle Technologies in the 4th quarter valued at about $80,000. Finally, Keudell Morrison Wealth Management acquired a new stake in shares of PureCycle Technologies in the 4th quarter valued at about $117,000. 63.01% of the stock is currently owned by institutional investors.

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.