PureCycle Technologies (NASDAQ:PCT) Trading Down 5.1% – Here’s What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT) shares traded down 5.1% during trading on Thursday . The company traded as low as $7.54 and last traded at $7.60. 1,048,170 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 2,202,277 shares. The stock had previously closed at $8.01.

PureCycle Technologies Stock Up 1.8 %

The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -5.18 and a beta of 1.55. The business has a fifty day moving average of $9.04 and a 200 day moving average of $10.12. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.32). As a group, equities analysts predict that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the firm’s stock in a transaction on Thursday, February 6th. The shares were bought at an average cost of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the purchase, the insider now directly owns 34,077,574 shares of the company’s stock, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 11.44% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Quest Partners LLC acquired a new stake in shares of PureCycle Technologies in the third quarter valued at $300,000. Prospera Private Wealth LLC raised its stake in shares of PureCycle Technologies by 35.9% in the third quarter. Prospera Private Wealth LLC now owns 15,436 shares of the company’s stock valued at $147,000 after acquiring an additional 4,080 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of PureCycle Technologies in the third quarter valued at $310,000. Charles Schwab Investment Management Inc. raised its stake in shares of PureCycle Technologies by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,100,281 shares of the company’s stock valued at $10,453,000 after acquiring an additional 19,989 shares in the last quarter. Finally, Nwam LLC acquired a new stake in shares of PureCycle Technologies in the third quarter valued at $179,000. 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.