PureCycle Technologies (NASDAQ:PCT) Shares Down 9% – Here’s What Happened

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) dropped 9% during mid-day trading on Tuesday . The company traded as low as $10.67 and last traded at $10.9410. Approximately 4,701,853 shares traded hands during trading, an increase of 3% from the average daily volume of 4,582,625 shares. The stock had previously closed at $12.02.

Analysts Set New Price Targets

PCT has been the subject of a number of recent research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a research report on Friday, June 5th. Cantor Fitzgerald dropped their target price on shares of PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating for the company in a report on Friday, February 27th. Wall Street Zen downgraded shares of PureCycle Technologies from a “sell” rating to a “strong sell” rating in a report on Sunday, May 10th. Finally, TD Cowen dropped their target price on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, PureCycle Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

PureCycle Technologies Price Performance

The company has a market cap of $1.63 billion, a P/E ratio of -6.14 and a beta of 2.48. The company has a debt-to-equity ratio of 47.59, a quick ratio of 1.57 and a current ratio of 1.71. The firm’s fifty day moving average is $9.09 and its two-hundred day moving average is $8.74.

PureCycle Technologies (NASDAQ:PCT) last issued its earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.05. The company had revenue of $4.13 million during the quarter, compared to the consensus estimate of $3.83 million. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. As a group, analysts anticipate that PureCycle Technologies, Inc. will post -0.99 earnings per share for the current fiscal year.

Institutional Trading of PureCycle Technologies

Hedge funds have recently bought and sold shares of the stock. Cassaday & Co Wealth Management LLC purchased a new stake in PureCycle Technologies in the 1st quarter worth $33,000. Larson Financial Group LLC lifted its stake in PureCycle Technologies by 6,571.8% in the 3rd quarter. Larson Financial Group LLC now owns 2,602 shares of the company’s stock worth $34,000 after purchasing an additional 2,563 shares in the last quarter. Advisory Services Network LLC purchased a new stake in PureCycle Technologies in the 3rd quarter worth $35,000. SHP Wealth Management purchased a new stake in PureCycle Technologies in the 4th quarter worth $43,000. Finally, Sigma Planning Corp purchased a new stake in PureCycle Technologies in the 1st quarter worth $53,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra‐pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.

Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.