PureCycle Technologies (NASDAQ:PCT) Posts Quarterly Earnings Results, Misses Estimates By $0.03 EPS

PureCycle Technologies (NASDAQ:PCT) announced its earnings results on Wednesday. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.03), Zacks reports. PureCycle Technologies had a negative net margin of 1,618.84% and a negative return on equity of 612.39%. The business had revenue of $2.35 million for the quarter, compared to analysts’ expectations of $8.28 million.

PureCycle Technologies Price Performance

NASDAQ:PCT traded down $0.33 during trading hours on Wednesday, hitting $2.79. 10,804,312 shares of the stock were exchanged, compared to its average volume of 5,026,355. The firm’s fifty day moving average price is $4.64 and its 200 day moving average price is $7.26. PureCycle Technologies has a 52-week low of $2.59 and a 52-week high of $14.19. The company has a market cap of $560.51 million, a P/E ratio of -1.91 and a beta of 2.74. The company has a current ratio of 2.60, a quick ratio of 2.42 and a debt-to-equity ratio of 27.37.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PCT. Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a report on Wednesday, September 2nd. Cantor Fitzgerald decreased their price objective on shares of PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, PureCycle Technologies currently has an average rating of “Hold” and a consensus target price of $11.75.

Insider Activity

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

About PureCycle Technologies

PureCycle Technologies, Inc (NASDAQ:PCT) is a recycling technology company focused on converting waste polypropylene (PP) into recycled resin with properties designed to be comparable to virgin polypropylene. Its technology is intended to remove color, odor and other contaminants from used plastic, expanding the potential for recycled PP in applications that traditionally rely on virgin materials.

The company processes post-consumer and post-industrial polypropylene feedstock into purified recycled polypropylene products.