PureCycle Technologies Sees Unusually Large Options Volume (NASDAQ:PCT)

PureCycle Technologies, Inc. (NASDAQ:PCT) saw some unusual options trading on Tuesday. Stock investors purchased 26,715 call options on the stock. This is an increase of approximately 115% compared to the typical daily volume of 12,451 call options.

PureCycle Technologies Price Performance

PureCycle Technologies stock traded up $0.15 during midday trading on Tuesday, reaching $5.21. 4,004,935 shares of the stock traded hands, compared to its average volume of 4,680,604. The stock has a market cap of $940.70 million, a P/E ratio of -4.30 and a beta of 2.07. The stock’s fifty day moving average is $7.99 and its 200-day moving average is $9.89. The company has a quick ratio of 2.15, a current ratio of 2.26 and a debt-to-equity ratio of 7.62. PureCycle Technologies has a 12 month low of $4.93 and a 12 month high of $17.37.

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

Wall Street Analyst Weigh In

PCT has been the topic of several research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of PureCycle Technologies in a report on Thursday, January 22nd. Cantor Fitzgerald reduced their price target on shares of PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $13.00.

Hedge Funds Weigh In On PureCycle Technologies

Several institutional investors have recently bought and sold shares of the business. Simplify Asset Management Inc. grew its stake in shares of PureCycle Technologies by 227.4% in the 4th quarter. Simplify Asset Management Inc. now owns 1,933,564 shares of the company’s stock worth $16,609,000 after buying an additional 1,342,955 shares in the last quarter. HRT Financial LP lifted its holdings in shares of PureCycle Technologies by 208.2% in the 4th quarter. HRT Financial LP now owns 1,072,543 shares of the company’s stock valued at $9,213,000 after acquiring an additional 724,495 shares during the last quarter. Indivisible Partners bought a new position in shares of PureCycle Technologies in the 4th quarter valued at about $5,803,000. Millennium Management LLC purchased a new position in PureCycle Technologies in the first quarter worth about $3,770,000. Finally, Bank of America Corp DE increased its stake in PureCycle Technologies by 583.2% during the third quarter. Bank of America Corp DE now owns 623,293 shares of the company’s stock worth $8,196,000 after acquiring an additional 532,062 shares during the last quarter. Institutional investors own 63.01% of the company’s stock.

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.