PureCycle Technologies (NASDAQ:PCT) Stock Price Down 8.2% – What’s Next?

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) dropped 8.2% on Tuesday . The stock traded as low as $5.38 and last traded at $5.4090. Approximately 1,383,267 shares were traded during trading, a decline of 70% from the average daily volume of 4,644,875 shares. The stock had previously closed at $5.89.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PCT shares. Weiss Ratings reiterated 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 target price (down from $16.00) on shares of PureCycle Technologies in a report on Monday, November 24th. Finally, Cantor Fitzgerald cut their price target on shares of PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $13.00.

PureCycle Technologies Stock Performance

The company has a current ratio of 2.26, a quick ratio of 2.15 and a debt-to-equity ratio of 7.62. The stock has a market cap of $936.77 million, a price-to-earnings ratio of -4.28 and a beta of 2.07. The stock’s 50 day moving average is $8.58 and its two-hundred day moving average is $10.17.

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

Institutional Trading of PureCycle Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Appian Way Asset Management LP grew its stake in shares of PureCycle Technologies by 1.4% in the 3rd 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 last quarter. Geode Capital Management LLC raised its stake in shares of PureCycle Technologies by 2.2% during the second quarter. Geode Capital Management LLC now owns 3,391,126 shares of the company’s stock worth $46,465,000 after purchasing an additional 71,401 shares during the last quarter. Gladstone Institutional Advisory LLC lifted its holdings in shares of PureCycle Technologies by 1.4% during the third quarter. Gladstone Institutional Advisory LLC now owns 3,243,160 shares of the company’s stock worth $42,648,000 after purchasing an additional 44,817 shares during the period. Simplify Asset Management Inc. lifted its holdings in shares of PureCycle Technologies by 227.4% during the fourth quarter. Simplify Asset Management Inc. now owns 1,933,564 shares of the company’s stock worth $16,609,000 after purchasing an additional 1,342,955 shares during the period. Finally, Royal Bank of Canada grew its position in PureCycle Technologies by 41.8% in the 4th quarter. Royal Bank of Canada now owns 1,671,756 shares of the company’s stock valued at $14,361,000 after buying an additional 492,975 shares during the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.

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.