PureCycle Technologies (NASDAQ:PCT) Shares Down 5.5% – What’s Next?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s share price dropped 5.5% during trading on Monday . The stock traded as low as $8.69 and last traded at $8.78. Approximately 859,671 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 2,395,660 shares. The stock had previously closed at $9.29.

Wall Street Analyst Weigh In

Separately, TD Cowen lowered their price target on PureCycle Technologies from $15.00 to $13.00 and set a “buy” rating for the company in a report on Thursday, May 8th.

PureCycle Technologies Trading Down 5.9%

The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63. The company has a fifty day moving average of $6.99 and a 200-day moving average of $9.37. The firm has a market capitalization of $1.57 billion, a PE ratio of -5.83 and a beta of 1.68.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.02). The company had revenue of $1.58 million for the quarter, compared to analyst estimates of $4.27 million. On average, sell-side analysts anticipate that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Institutional Trading of PureCycle Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sylebra Capital LLC increased its holdings in PureCycle Technologies by 1.9% during the 1st quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company’s stock worth $235,817,000 after purchasing an additional 619,925 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of PureCycle Technologies by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company’s stock worth $102,149,000 after buying an additional 660,837 shares during the last quarter. Samlyn Capital LLC boosted its stake in shares of PureCycle Technologies by 19.1% in the 1st quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company’s stock worth $43,057,000 after buying an additional 997,337 shares during the last quarter. Gladstone Institutional Advisory LLC boosted its stake in shares of PureCycle Technologies by 3.7% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 3,462,652 shares of the company’s stock worth $35,492,000 after buying an additional 122,700 shares during the last quarter. Finally, Duquesne Family Office LLC boosted its stake in shares of PureCycle Technologies by 111.3% in the 1st quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company’s stock worth $23,285,000 after buying an additional 1,772,342 shares during the last quarter. 63.01% of the stock is 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.