PureCycle Technologies (NYSE:PCT) Shares Down 4%

PureCycle Technologies, Inc. (NYSE:PCT) fell 4% on Wednesday . The stock traded as low as $8.34 and last traded at $8.41. 1,184,858 shares traded hands during trading, a decline of 47% from the average session volume of 2,238,001 shares. The stock had previously closed at $8.76.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Stifel Nicolaus boosted their price objective on shares of PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Monday, August 12th. TD Cowen boosted their price target on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Craig Hallum raised their price objective on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, PureCycle Technologies currently has a consensus rating of “Hold” and a consensus target price of $6.75.

PureCycle Technologies Price Performance

The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -9.10 and a beta of 1.60. The company has a quick ratio of 0.54, a current ratio of 0.67 and a debt-to-equity ratio of 1.06. The company has a 50 day moving average of $6.40 and a 200 day moving average of $5.81.

PureCycle Technologies (NYSE:PCT) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). As a group, equities research analysts forecast that PureCycle Technologies, Inc. will post -0.85 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was purchased at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the acquisition, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 11.44% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PCT. VitalStone Financial LLC boosted its stake in shares of PureCycle Technologies by 163.9% during the 4th quarter. VitalStone Financial LLC now owns 9,500 shares of the company’s stock valued at $38,000 after buying an additional 5,900 shares during the last quarter. Fortis Group Advisors LLC acquired a new stake in PureCycle Technologies in the first quarter valued at $67,000. Victory Capital Management Inc. boosted its stake in PureCycle Technologies by 22.5% during the 4th quarter. Victory Capital Management Inc. now owns 17,004 shares of the company’s stock valued at $69,000 after acquiring an additional 3,128 shares during the last quarter. Algert Global LLC acquired a new position in PureCycle Technologies during the 2nd quarter worth $69,000. Finally, Tidal Investments LLC bought a new stake in shares of PureCycle Technologies in the 1st quarter worth about $70,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.

About PureCycle Technologies

PureCycle Technologies, Inc engages in the production of recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled polypropylene resin that has multiple applications, including packaging and labeling for consumer products, piping, ropes, cabling, and plastic parts for various industries.