PureCycle Technologies (NASDAQ:PCT) Shares Down 4% – What’s Next?

PureCycle Technologies, Inc. (NASDAQ:PCT) shares were down 4% on Tuesday . The company traded as low as $5.65 and last traded at $5.5750. Approximately 469,429 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 4,407,823 shares. The stock had previously closed at $5.81.

Wall Street Analysts Forecast Growth

PCT has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Thursday, January 22nd. TD Cowen restated a “hold” rating and issued a $9.00 price target (down from $16.00) on shares of PureCycle Technologies in a research note on Monday, November 24th. Finally, Cantor Fitzgerald dropped their price objective on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, PureCycle Technologies has an average rating of “Moderate Buy” and an average price target of $13.00.

PureCycle Technologies Stock Performance

The stock’s fifty day simple moving average is $8.99 and its 200-day simple moving average is $10.45. The company has a quick ratio of 2.15, a current ratio of 2.26 and a debt-to-equity ratio of 7.62. The company has a market capitalization of $938.04 million, a PE ratio of -4.29 and a beta of 2.07.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.17). The firm had revenue of $2.70 million for the quarter, compared to analysts’ expectations of $6.37 million. PureCycle Technologies had a negative return on equity of 204.74% and a negative net margin of 2,185.10%. On average, research analysts predict that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently modified their holdings of PCT. Simplify Asset Management Inc. raised its stake in PureCycle Technologies by 227.4% during the 4th quarter. Simplify Asset Management Inc. now owns 1,933,564 shares of the company’s stock valued at $16,609,000 after purchasing an additional 1,342,955 shares during the period. HRT Financial LP lifted its position in PureCycle Technologies by 208.2% in the 4th quarter. HRT Financial LP now owns 1,072,543 shares of the company’s stock worth $9,213,000 after buying an additional 724,495 shares in the last quarter. Indivisible Partners purchased a new position in PureCycle Technologies in the fourth quarter valued at about $5,803,000. Millennium Management LLC bought a new stake in shares of PureCycle Technologies in the 1st quarter valued at approximately $3,770,000. Finally, Bank of America Corp DE lifted its stake in PureCycle Technologies by 583.2% in the third quarter. Bank of America Corp DE now owns 623,293 shares of the company’s stock valued at $8,196,000 after acquiring an additional 532,062 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.

About PureCycle Technologies

PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra‐pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.

Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.