PureCycle Technologies (NASDAQ:PCT) Shares Down 5.3% – Here’s What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price was down 5.3% during trading on Tuesday . The company traded as low as $8.54 and last traded at $8.3370. Approximately 472,303 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 4,913,642 shares. The stock had previously closed at $8.80.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PCT shares. Alembic Global Advisors set a $16.00 target price on PureCycle Technologies in a research report on Tuesday. Northland Securities set a $13.00 target price on PureCycle Technologies in a research report on Friday. Cantor Fitzgerald reduced their target price on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, February 27th. Weiss Ratings restated a “sell (e+)” rating on shares of PureCycle Technologies in a research report on Friday, June 5th. Finally, Wall Street Zen downgraded PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.25.

PureCycle Technologies Trading Down 5.7%

The company has a 50 day moving average of $9.31 and a 200-day moving average of $8.75. 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 market cap of $1.50 billion, a price-to-earnings ratio of -5.64 and a beta of 2.48.

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

Hedge Funds Weigh In On PureCycle Technologies

Hedge funds have recently bought and sold shares of the company. Cassaday & Co Wealth Management LLC acquired a new position in PureCycle Technologies during the 1st quarter worth about $33,000. Larson Financial Group LLC lifted 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 worth $34,000 after acquiring an additional 2,563 shares in the last quarter. Advisory Services Network LLC acquired a new position in PureCycle Technologies during the 3rd quarter worth about $35,000. SHP Wealth Management purchased a new stake in shares of PureCycle Technologies during the fourth quarter worth $43,000. Finally, Sigma Planning Corp purchased a new stake in shares of PureCycle Technologies during the first quarter worth $53,000. Institutional investors and hedge funds 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.