PureCycle Technologies (NASDAQ:PCT) Shares Gap Down – Should You Sell?

PureCycle Technologies, Inc. (NASDAQ:PCT) gapped down before the market opened on Wednesday . The stock had previously closed at $6.83, but opened at $6.51. PureCycle Technologies shares last traded at $6.91, with a volume of 237,313 shares traded.

PureCycle Technologies Stock Performance

The firm has a market capitalization of $1.26 billion, a PE ratio of -4.66 and a beta of 1.55. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74. The company’s fifty day moving average price is $8.73 and its two-hundred day moving average price is $10.24.

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

Insider Activity

In related news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the firm’s stock in a transaction dated Thursday, February 6th. The stock was acquired at an average price of $8.06 per share, with a total value of $4,996,595.50. Following the completion of the transaction, the insider now owns 34,077,574 shares of the company’s stock, valued at $274,665,246.44. This represents a 1.85 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.44% of the company’s stock.

Institutional Trading of PureCycle Technologies

Institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System increased its position in shares of PureCycle Technologies by 3.8% in the 4th quarter. California State Teachers Retirement System now owns 113,708 shares of the company’s stock worth $1,166,000 after purchasing an additional 4,170 shares during the last quarter. Copia Wealth Management acquired a new position in shares of PureCycle Technologies in the 4th quarter worth approximately $514,000. Integrated Advisors Network LLC acquired a new stake in PureCycle Technologies during the fourth quarter worth about $119,000. Polar Asset Management Partners Inc. acquired a new stake in PureCycle Technologies in the 4th quarter valued at approximately $3,290,000. Finally, JT Stratford LLC raised its stake in PureCycle Technologies by 3.5% during the 4th quarter. JT Stratford LLC now owns 74,321 shares of the company’s stock valued at $762,000 after acquiring an additional 2,501 shares in the last quarter. 63.01% of the stock is 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.