PureCycle Technologies Target of Unusually High Options Trading (NASDAQ:PCT)

PureCycle Technologies, Inc. (NASDAQ:PCT) saw unusually large options trading activity on Monday. Traders acquired 26,898 call options on the company. This represents an increase of 80% compared to the average daily volume of 14,969 call options.

Analyst Ratings Changes

PCT has been the topic of several research analyst reports. TD Cowen dropped their target price on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Friday, May 8th. Cantor Fitzgerald reduced their price target on shares of PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Northland Securities set a $13.00 price target on shares of PureCycle Technologies in a research note on Friday, June 12th. Alembic Global Advisors set a $16.00 price objective on PureCycle Technologies in a research note on Tuesday, June 16th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $11.75.

Institutional Trading of PureCycle Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Appian Way Asset Management LP grew its holdings in shares of PureCycle Technologies by 1.4% in the third quarter. Appian Way Asset Management LP now owns 4,315,655 shares of the company’s stock valued at $56,751,000 after purchasing an additional 59,676 shares during the period. Geode Capital Management LLC increased its holdings in shares of PureCycle Technologies by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,365,871 shares of the company’s stock worth $28,918,000 after buying an additional 15,536 shares during the last quarter. Simplify Asset Management Inc. raised its position in shares of 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 buying an additional 1,342,955 shares during the period. Royal Bank of Canada increased its stake in PureCycle Technologies by 41.8% during the fourth quarter. Royal Bank of Canada now owns 1,671,756 shares of the company’s stock worth $14,361,000 after acquiring an additional 492,975 shares during the last quarter. Finally, Rokos Capital Management LLP purchased a new stake in PureCycle Technologies in the first quarter valued at $7,526,000. 63.01% of the stock is owned by institutional investors and hedge funds.

PureCycle Technologies Price Performance

PCT traded down $0.12 on Monday, reaching $6.68. 2,463,480 shares of the company’s stock were exchanged, compared to its average volume of 4,858,323. PureCycle Technologies has a twelve month low of $4.93 and a twelve month high of $15.49. The stock has a market cap of $1.34 billion, a PE ratio of -4.58 and a beta of 2.57. The company has a debt-to-equity ratio of 27.37, a current ratio of 2.60 and a quick ratio of 2.42. The stock’s fifty day moving average price is $7.19 and its 200-day moving average price is $7.90.

PureCycle Technologies (NASDAQ:PCT) last released its earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.51). The business had revenue of $4.51 million during the quarter, compared to analysts’ expectations of $6.11 million. PureCycle Technologies had a negative return on equity of 612.39% and a negative net margin of 1,618.84%. Sell-side analysts expect that PureCycle Technologies will post -0.9 EPS for the current year.

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.