Insider Buying: PureCycle Technologies (NASDAQ:PCT) Director Acquires $98,756.02 in Stock

PureCycle Technologies, Inc. (NASDAQ:PCT) Director Fernando Musa acquired 15,479 shares of the firm’s stock in a transaction on Friday, September 4th. The shares were bought at an average cost of $6.38 per share, for a total transaction of $98,756.02. Following the acquisition, the director owned 175,983 shares in the company, valued at approximately $1,122,771.54. The trade was a 9.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

PureCycle Technologies Trading Down 7.0%

PCT opened at $5.83 on Friday. PureCycle Technologies, Inc. has a 1-year low of $4.93 and a 1-year high of $15.49. The stock has a market capitalization of $1.17 billion, a PE ratio of -3.99 and a beta of 2.57. The company has a current ratio of 2.60, a quick ratio of 2.42 and a debt-to-equity ratio of 27.37. The firm has a 50-day moving average price of $6.69 and a two-hundred day moving average price of $7.63.

PureCycle Technologies (NASDAQ:PCT) last announced its earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.51). The company had revenue of $4.51 million for the quarter, compared to analyst estimates of $6.11 million. PureCycle Technologies had a negative return on equity of 612.39% and a negative net margin of 1,618.84%. As a group, equities analysts anticipate that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PCT. Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a research note on Wednesday, September 2nd. Cantor Fitzgerald cut their price target on PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Northland Securities set a $13.00 price target on PureCycle Technologies in a report on Friday, June 12th. Finally, Alembic Global Advisors set a $16.00 price objective on PureCycle Technologies in a research report on Tuesday, June 16th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, PureCycle Technologies has a consensus rating of “Hold” and a consensus price target of $11.75.

Hedge Funds Weigh In On PureCycle Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rokos Capital Management LLP acquired a new position in PureCycle Technologies in the first quarter valued at about $7,526,000. SWS Partners bought a new position in PureCycle Technologies during the second quarter worth about $11,637,000. Simplify Asset Management Inc. grew its position in shares of PureCycle Technologies by 227.4% during the 4th quarter. Simplify Asset Management Inc. now owns 1,933,564 shares of the company’s stock worth $16,609,000 after buying an additional 1,342,955 shares during the period. California State Teachers Retirement System grew its position in shares of PureCycle Technologies by 692.8% during the 2nd quarter. California State Teachers Retirement System now owns 1,435,056 shares of the company’s stock worth $11,638,000 after buying an additional 1,254,041 shares during the period. Finally, Cibc World Market Inc. bought a new stake in shares of PureCycle Technologies in the 2nd quarter valued at about $9,201,000. 63.01% of the stock is owned by institutional investors.

About PureCycle Technologies

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.