PureCycle Technologies (NASDAQ:PCT) Stock Sees Unusually High Call Option Buying

PureCycle Technologies, Inc. (NASDAQ:PCT) saw some unusual options trading on Friday. Stock investors purchased 27,067 call options on the stock. This is an increase of 101% compared to the typical daily volume of 13,458 call options.

Analyst Ratings Changes

Several analysts recently weighed in on PCT shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PureCycle Technologies in a report on Wednesday, September 2nd. Cantor Fitzgerald reduced 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 company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $11.75.

Insider Activity at PureCycle Technologies

In other PureCycle Technologies news, Director Fernando Musa acquired 15,479 shares of the company’s stock in a transaction dated Friday, September 4th. The shares were acquired at an average cost of $6.38 per share, for a total transaction of $98,756.02. Following the completion of the purchase, the director owned 175,983 shares of the company’s stock, valued at approximately $1,122,771.54. This trade represents a 9.64% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 18.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PCT. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in PureCycle Technologies during the third quarter valued at approximately $45,000. Sanders Morris Harris LLC acquired a new position in shares of PureCycle Technologies in the 3rd quarter worth approximately $948,000. Koa Wealth Management LLC lifted its position in shares of PureCycle Technologies by 102.4% during the 3rd quarter. Koa Wealth Management LLC now owns 31,820 shares of the company’s stock worth $140,000 after buying an additional 16,095 shares during the period. Apella Capital LLC boosted its stake in PureCycle Technologies by 24.2% in the 3rd quarter. Apella Capital LLC now owns 109,659 shares of the company’s stock valued at $484,000 after buying an additional 21,399 shares in the last quarter. Finally, Avidian Wealth Enterprises LLC acquired a new stake in PureCycle Technologies in the 3rd quarter valued at $44,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Stock Performance

Shares of NASDAQ:PCT traded down $0.01 during trading on Friday, hitting $3.19. 5,879,924 shares of the stock were exchanged, compared to its average volume of 4,893,193. PureCycle Technologies has a 1-year low of $3.04 and a 1-year high of $14.58. The company has a market capitalization of $639.87 million, a price-to-earnings ratio of -2.20 and a beta of 2.63. The company’s fifty day simple moving average is $5.68 and its 200-day simple moving average is $7.34. The company has a debt-to-equity ratio of 27.37, a quick ratio of 2.42 and a current ratio of 2.60.

PureCycle Technologies (NASDAQ:PCT) last issued its 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). The firm had revenue of $4.51 million during the quarter, compared to analyst estimates of $6.11 million. PureCycle Technologies had a negative net margin of 1,618.84% and a negative return on equity of 612.39%. Sell-side analysts expect that PureCycle Technologies will post -0.90 EPS for the current fiscal year.

About PureCycle Technologies

PureCycle Technologies, Inc is a recycling technology company that develops and operates facilities designed to convert waste polypropylene (PP) plastic into recycled resin. Its process is intended to remove colors, odors and other contaminants from used polypropylene, producing a material with properties comparable to virgin polypropylene.

The company’s primary product is PureFive™ recycled polypropylene, which can be used in applications such as packaging, consumer products, automotive components and other plastic goods.