PureCycle Technologies (NASDAQ:PCT) Shares Down 5.3% – Time to Sell?

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) dropped 5.3% on Tuesday . The stock traded as low as $8.54 and last traded at $8.3370. Approximately 472,303 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 4,913,642 shares. The stock had previously closed at $8.80.

Analysts Set New Price Targets

PCT has been the subject of several analyst reports. TD Cowen cut their target price on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Cantor Fitzgerald cut their target price on shares of PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, February 27th. Northland Securities set a $13.00 target price on shares of PureCycle Technologies in a research note on Friday, June 12th. Alembic Global Advisors set a $16.00 target price on shares of PureCycle Technologies in a research note on Tuesday. Finally, Wall Street Zen downgraded shares of PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 10th. One equities research 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. According to data from MarketBeat.com, PureCycle Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $12.25.

PureCycle Technologies Stock Performance

The stock’s 50 day moving average price is $9.43 and its 200 day moving average price is $8.75. The company has a current ratio of 1.71, a quick ratio of 1.57 and a debt-to-equity ratio of 47.59. The company has a market cap of $1.56 billion, a price-to-earnings ratio of -5.86 and a beta of 2.48.

PureCycle Technologies (NASDAQ:PCT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.05. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. The company had revenue of $4.13 million during the quarter, compared to the consensus estimate of $3.83 million. On average, analysts expect that PureCycle Technologies, Inc. will post -0.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. NewEdge Advisors LLC increased its stake in shares of PureCycle Technologies by 43.5% during the 1st quarter. NewEdge Advisors LLC now owns 169,323 shares of the company’s stock valued at $879,000 after acquiring an additional 51,290 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of PureCycle Technologies by 43.2% during the 1st quarter. California State Teachers Retirement System now owns 181,015 shares of the company’s stock valued at $939,000 after acquiring an additional 54,650 shares during the last quarter. Rokos Capital Management LLP acquired a new position in shares of PureCycle Technologies during the 1st quarter valued at about $7,526,000. Quantinno Capital Management LP grew its holdings in shares of PureCycle Technologies by 707.8% during the 1st quarter. Quantinno Capital Management LP now owns 428,534 shares of the company’s stock worth $2,224,000 after purchasing an additional 375,486 shares during the period. Finally, Waverly Advisors LLC purchased a new stake in shares of PureCycle Technologies during the 1st quarter worth about $99,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Company Profile

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.