PureCycle Technologies (NASDAQ:PCT) Shares Gap Down – Here’s What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT) gapped down before the market opened on Monday . The stock had previously closed at $8.29, but opened at $8.03. PureCycle Technologies shares last traded at $7.8950, with a volume of 1,316,816 shares traded.

Analyst Ratings Changes

PCT has been the subject of a number of recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $16.00 target price on shares of PureCycle Technologies in a research note on Friday, August 8th. Northland Securities assumed coverage on shares of PureCycle Technologies in a research note on Wednesday, August 27th. They set an “outperform” rating and a $16.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Wednesday, October 8th. Cowen reaffirmed a “buy” rating on shares of PureCycle Technologies in a research note on Friday, August 8th. Finally, Seaport Res Ptn upgraded shares of PureCycle Technologies to a “strong-buy” rating in a report on Wednesday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, PureCycle Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $13.67.

PureCycle Technologies Trading Down 2.2%

The company has a current ratio of 2.24, a quick ratio of 2.15 and a debt-to-equity ratio of 5.21. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -5.55 and a beta of 2.01. The business has a 50 day simple moving average of $12.26 and a 200-day simple moving average of $12.48.

PureCycle Technologies (NASDAQ:PCT) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.19). The firm had revenue of $2.43 million for the quarter, compared to the consensus estimate of $6.04 million. On average, equities analysts predict that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. CWM LLC raised its holdings in shares of PureCycle Technologies by 158.7% in the 1st quarter. CWM LLC now owns 4,960 shares of the company’s stock worth $34,000 after purchasing an additional 3,043 shares during the period. Larson Financial Group LLC grew its holdings in PureCycle Technologies by 6,571.8% during the 3rd quarter. Larson Financial Group LLC now owns 2,602 shares of the company’s stock worth $34,000 after acquiring an additional 2,563 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in PureCycle Technologies by 278.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,571 shares of the company’s stock worth $35,000 after buying an additional 1,891 shares during the last quarter. Advisory Services Network LLC acquired a new stake in shares of PureCycle Technologies during the 3rd quarter valued at approximately $35,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in PureCycle Technologies by 11.5% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 17,049 shares of the company’s stock worth $118,000 after purchasing an additional 1,753 shares during the last quarter. 63.01% of the stock is owned by hedge funds and other 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.