PureCycle Technologies (NASDAQ:PCT) Director Fernando Musa Buys 15,479 Shares

PureCycle Technologies, Inc. (NASDAQ:PCT) Director Fernando Musa acquired 15,479 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The stock was bought at an average price of $6.38 per share, for a total transaction of $98,756.02. Following the completion of the transaction, the director owned 175,983 shares of the company’s stock, valued at $1,122,771.54. The trade was a 9.64% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link.

PureCycle Technologies Price Performance

PCT traded up $0.12 on Tuesday, reaching $6.51. The company had a trading volume of 2,203,962 shares, compared to its average volume of 4,733,507. PureCycle Technologies, Inc. has a 52-week low of $4.93 and a 52-week high of $15.49. The company has a market cap of $1.31 billion, a price-to-earnings ratio of -4.46 and a beta of 2.57. The company has a debt-to-equity ratio of 27.37, a quick ratio of 2.42 and a current ratio of 2.60. The business has a 50 day simple moving average of $6.80 and a 200 day simple moving average of $7.69.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.51). The company had revenue of $4.51 million during the quarter, compared to analysts’ expectations of $6.11 million. PureCycle Technologies had a negative return on equity of 612.39% and a negative net margin of 1,618.84%. As a group, sell-side analysts anticipate that PureCycle Technologies, Inc. will post -0.9 EPS for the current year.

Institutional Investors Weigh In On PureCycle Technologies

Hedge funds have recently made changes to their positions in the business. Appian Way Asset Management LP lifted its stake in PureCycle Technologies by 1.4% in the third quarter. Appian Way Asset Management LP now owns 4,315,655 shares of the company’s stock worth $56,751,000 after purchasing an additional 59,676 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of PureCycle Technologies by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 3,365,871 shares of the company’s stock valued at $28,918,000 after buying an additional 15,536 shares during the last quarter. Simplify Asset Management Inc. grew its stake 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 valued at $16,609,000 after buying an additional 1,342,955 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of PureCycle Technologies by 41.8% in the fourth quarter. Royal Bank of Canada now owns 1,671,756 shares of the company’s stock worth $14,361,000 after buying an additional 492,975 shares during the period. Finally, Rokos Capital Management LLP purchased a new position in shares of PureCycle Technologies in the first quarter worth about $7,526,000. 63.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a research note on Wednesday, September 2nd. Northland Securities set a $13.00 price target on PureCycle Technologies in a research note on Friday, June 12th. Cantor Fitzgerald cut their price objective on PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Finally, Alembic Global Advisors set a $16.00 price objective on PureCycle Technologies in a research report on Tuesday, June 16th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $11.75.

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.