PureCycle Technologies (NASDAQ:PCT) Shares Down 5.3% – Here’s What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT) dropped 5.3% during trading on Tuesday . The stock traded as low as $8.54 and last traded at $8.3370. Approximately 472,303 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 4,913,642 shares. The stock had previously closed at $8.80.

Analyst Upgrades and Downgrades

PCT has been the subject of several recent analyst reports. TD Cowen cut their price target on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a report on Friday, May 8th. Weiss Ratings restated a “sell (e+)” rating on shares of PureCycle Technologies in a report on Friday, June 5th. Cantor Fitzgerald decreased their price objective on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, February 27th. Northland Securities set a $13.00 price objective on PureCycle Technologies in a report on Friday. Finally, Alembic Global Advisors set a $16.00 price objective on PureCycle Technologies in a report on Tuesday. One investment 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $12.25.

PureCycle Technologies Trading Down 5.7%

The company has a current ratio of 1.71, a quick ratio of 1.57 and a debt-to-equity ratio of 47.59. The company has a fifty day simple moving average of $9.31 and a 200-day simple moving average of $8.75. The company has a market capitalization of $1.50 billion, a PE ratio of -5.64 and a beta of 2.48.

PureCycle Technologies (NASDAQ:PCT) last issued its earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.05. The company had revenue of $4.13 million during the quarter, compared to analysts’ expectations of $3.83 million. PureCycle Technologies had a negative return on equity of 393.01% and a negative net margin of 2,062.36%. Analysts predict that PureCycle Technologies, Inc. will post -0.99 EPS for the current year.

Institutional Trading of PureCycle Technologies

Several large investors have recently added to or reduced their stakes in PCT. Rokos Capital Management LLP purchased a new stake in PureCycle Technologies in the 1st quarter valued at $7,526,000. Simplify Asset Management Inc. grew its holdings in PureCycle Technologies by 227.4% in 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 in the last quarter. HRT Financial LP grew its holdings in 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 buying an additional 724,495 shares in the last quarter. Indivisible Partners purchased a new stake in PureCycle Technologies in the 4th quarter valued at $5,803,000. Finally, Millennium Management LLC purchased a new stake in PureCycle Technologies in the first quarter valued at $3,770,000. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

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.