PureCycle Technologies (NASDAQ:PCT) Stock Price Up 4.8% – Here’s Why

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price shot up 4.8% on Monday . The stock traded as high as $6.90 and last traded at $7.06. 117,657 shares traded hands during trading, a decline of 95% from the average session volume of 2,344,694 shares. The stock had previously closed at $6.74.

PureCycle Technologies Trading Up 2.4 %

The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -4.59 and a beta of 1.68. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36. The company has a fifty day moving average price of $7.56 and a 200-day moving average price of $9.82.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.32). On average, equities research analysts predict that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was acquired at an average price of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the acquisition, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.67% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PureCycle Technologies

Several hedge funds have recently bought and sold shares of the stock. NBC Securities Inc. bought a new stake in shares of PureCycle Technologies in the 1st quarter worth approximately $25,000. Jones Financial Companies Lllp boosted its holdings in PureCycle Technologies by 286.0% during the 4th quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company’s stock valued at $32,000 after acquiring an additional 2,291 shares during the period. Sterling Capital Management LLC lifted its stake in shares of PureCycle Technologies by 775.3% during the 4th quarter. Sterling Capital Management LLC now owns 3,230 shares of the company’s stock worth $33,000 after purchasing an additional 2,861 shares during the last quarter. US Bancorp DE increased its position in PureCycle Technologies by 141.5% during the 4th quarter. US Bancorp DE now owns 3,446 shares of the company’s stock valued at $35,000 after buying an additional 2,019 shares in the last quarter. Finally, KBC Group NV purchased a new stake in shares of PureCycle Technologies in the 1st quarter valued at $41,000. 63.01% of the stock is currently owned by institutional investors.

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.