PureCycle Technologies, Inc. (NYSE:PCT – Get Free Report) fell 7.9% during mid-day trading on Tuesday . The company traded as low as $8.66 and last traded at $8.75. 1,741,951 shares were traded during mid-day trading, a decline of 24% from the average session volume of 2,282,475 shares. The stock had previously closed at $9.50.
Wall Street Analysts Forecast Growth
PCT has been the topic of a number of research analyst reports. TD Cowen boosted their price objective on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Craig Hallum boosted their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 9th. Finally, Stifel Nicolaus increased their price objective on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $6.75.
PureCycle Technologies Stock Performance
PureCycle Technologies (NYSE:PCT – Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.13). Sell-side analysts anticipate that PureCycle Technologies, Inc. will post -0.85 earnings per share for the current fiscal year.
Insider Activity
In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were acquired at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the purchase, the insider now owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. The transaction was disclosed in a legal 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 hedge funds and other institutional investors have recently bought and sold shares of PCT. VitalStone Financial LLC grew its stake in PureCycle Technologies by 163.9% in 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 bought a new stake in PureCycle Technologies in the 1st quarter valued at $67,000. Algert Global LLC bought a new stake in PureCycle Technologies in the 2nd quarter valued at $69,000. Tidal Investments LLC bought a new stake in PureCycle Technologies in the 1st quarter valued at $70,000. Finally, Bayesian Capital Management LP bought a new stake in PureCycle Technologies in the 1st quarter valued at $98,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.
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.
Featured Stories
- Five stocks we like better than PureCycle Technologies
- Where Do I Find 52-Week Highs and Lows?
- Why Lennar Stock Could Be the Best Play in the Housing Market
- NYSE Stocks Give Investors a Variety of Quality OptionsĀ
- 2 Energy Stocks Fueling the AI Datacenter Boom
- Golden Cross Stocks: Pattern, Examples and Charts
- Will Marinus Pharmaceuticals Be the Next Big Winner in Biotech?
Receive News & Ratings for PureCycle Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PureCycle Technologies and related companies with MarketBeat.com's FREE daily email newsletter.