PureCycle Technologies (NASDAQ:PCT) Stock Falls 5.6% – Time to Sell?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price traded down 5.6% on Monday. The company traded as low as $3.76 and last traded at $3.6990. 826,775 shares were traded during trading, a decline of 83% from the average daily volume of 4,837,755 shares. The stock had previously closed at $3.92.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PCT. Alembic Global Advisors set a $16.00 price target on shares of PureCycle Technologies in a report on Tuesday, June 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a report on Wednesday, September 2nd. Finally, Cantor Fitzgerald lowered their target price on shares of PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $11.75.

PureCycle Technologies Stock Down 4.4%

The stock has a market capitalization of $691.10 million, a PE ratio of -2.36 and a beta of 2.63. The firm has a 50 day moving average of $5.83 and a two-hundred day moving average of $7.37. The company has a current ratio of 2.60, a quick ratio of 2.42 and a debt-to-equity ratio of 27.37.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.51). The firm had revenue of $4.51 million for the quarter, compared to analyst estimates of $6.11 million. PureCycle Technologies had a negative return on equity of 612.39% and a negative net margin of 1,618.84%. Equities research analysts anticipate that PureCycle Technologies, Inc. will post -0.90 earnings per share for the current year.

Insider Activity

In other news, Director Fernando Musa purchased 15,479 shares of the business’s stock in a transaction dated Friday, September 4th. The stock was acquired at an average price of $6.38 per share, with a total value of $98,756.02. Following the purchase, the director directly owned 175,983 shares of the company’s stock, valued at $1,122,771.54. This represents a 9.64% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 18.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On PureCycle Technologies

A number of large investors have recently added to or reduced their stakes in PCT. Apella Capital LLC increased its holdings in PureCycle Technologies by 24.2% during the 3rd quarter. Apella Capital LLC now owns 109,659 shares of the company’s stock valued at $484,000 after acquiring an additional 21,399 shares in the last quarter. Avidian Wealth Enterprises LLC acquired a new position in PureCycle Technologies during the third quarter worth about $44,000. Violich Capital Management Inc. purchased a new stake in shares of PureCycle Technologies in the third quarter valued at about $325,000. Envestnet Asset Management Inc. lifted its holdings in shares of PureCycle Technologies by 163.8% in the second quarter. Envestnet Asset Management Inc. now owns 228,225 shares of the company’s stock valued at $1,851,000 after purchasing an additional 141,707 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of PureCycle Technologies by 12.0% in the second quarter. State Street Corp now owns 3,331,674 shares of the company’s stock valued at $27,020,000 after purchasing an additional 355,675 shares in the last quarter. 63.01% of the stock is owned by institutional investors and hedge funds.

About PureCycle Technologies

PureCycle Technologies, Inc is a recycling technology company that develops and operates facilities designed to convert waste polypropylene (PP) plastic into recycled resin. Its process is intended to remove colors, odors and other contaminants from used polypropylene, producing a material with properties comparable to virgin polypropylene.

The company’s primary product is PureFive™ recycled polypropylene, which can be used in applications such as packaging, consumer products, automotive components and other plastic goods.