PureCycle Technologies (NASDAQ:PCT) Shares Down 7.9% – Here’s What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT) shares dropped 7.9% on Thursday . The company traded as low as $6.56 and last traded at $6.4920. Approximately 395,274 shares were traded during trading, a decline of 92% from the average daily volume of 4,953,840 shares. The stock had previously closed at $7.05.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of PureCycle Technologies in a research report on Friday, June 5th. Alembic Global Advisors set a $16.00 price target on shares of PureCycle Technologies in a report on Tuesday, June 16th. Wall Street Zen cut PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 10th. Northland Securities set a $13.00 target price on shares of PureCycle Technologies in a research note on Friday, June 12th. Finally, TD Cowen lowered their price objective on PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $12.25.

PureCycle Technologies Stock Performance

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 stock has a 50 day moving average of $9.67 and a 200 day moving average of $8.55. The stock has a market capitalization of $1.09 billion, a P/E ratio of -4.12 and a beta of 2.50.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.05. The firm had revenue of $4.13 million for 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%. Equities analysts predict that PureCycle Technologies, Inc. will post -1 EPS for the current year.

Institutional Investors Weigh In On PureCycle Technologies

Several institutional investors have recently bought and sold shares of PCT. Larson Financial Group LLC increased its stake 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 valued at $34,000 after buying an additional 2,563 shares during the period. Advisory Services Network LLC acquired a new stake in shares of PureCycle Technologies in the 3rd quarter worth approximately $35,000. SHP Wealth Management bought a new position in shares of PureCycle Technologies in the fourth quarter valued at approximately $43,000. Cassaday & Co Wealth Management LLC bought a new position in shares of PureCycle Technologies in the first quarter valued at approximately $33,000. Finally, Farther Finance Advisors LLC increased its stake in shares of PureCycle Technologies by 3,047.8% during the fourth quarter. Farther Finance Advisors LLC now owns 9,160 shares of the company’s stock valued at $79,000 after acquiring an additional 8,869 shares during the period. Institutional investors and hedge funds own 63.01% of the company’s stock.

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.