PureCycle Technologies (NASDAQ:PCT) Stock Price Down 7.7% – What’s Next?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price was down 7.7% during mid-day trading on Thursday . The company traded as low as $5.81 and last traded at $5.7850. 3,740,678 shares were traded during trading, a decline of 21% from the average daily volume of 4,713,980 shares. The stock had previously closed at $6.27.

Wall Street Analysts Forecast Growth

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

PureCycle Technologies Trading Down 7.9%

The company has a quick ratio of 2.42, a current ratio of 2.60 and a debt-to-equity ratio of 27.37. The company has a market capitalization of $1.16 billion, a PE ratio of -3.95 and a beta of 2.57. The stock’s fifty day moving average price is $6.73 and its two-hundred day moving average price is $7.65.

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

Insider Activity at PureCycle Technologies

In other PureCycle Technologies news, Director Fernando Musa purchased 15,479 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was bought at an average price of $6.38 per share, with a total value of $98,756.02. Following the completion of the purchase, the director directly owned 175,983 shares of the company’s stock, valued at $1,122,771.54. The trade was a 9.64% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 18.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its stake in PureCycle Technologies by 62.4% in the first quarter. Royal Bank of Canada now owns 1,042,338 shares of the company’s stock worth $7,213,000 after buying an additional 400,520 shares in the last quarter. AQR Capital Management LLC lifted its position in PureCycle Technologies by 67.9% during the first quarter. AQR Capital Management LLC now owns 20,963 shares of the company’s stock valued at $145,000 after buying an additional 8,478 shares during the period. Integrated Wealth Concepts LLC boosted its holdings in shares of PureCycle Technologies by 4.3% during the 1st quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company’s stock valued at $253,000 after buying an additional 1,516 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of PureCycle Technologies by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,249 shares of the company’s stock worth $507,000 after buying an additional 3,161 shares during the period. Finally, Millennium Management LLC purchased a new stake in shares of PureCycle Technologies in the 1st quarter worth about $3,770,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

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.