PureCycle Technologies (NASDAQ:PCT) Releases Quarterly Earnings Results

PureCycle Technologies (NASDAQ:PCT) released its quarterly earnings data on Thursday. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.32), reports.

PureCycle Technologies Stock Up 11.7 %

NASDAQ:PCT traded up $1.08 during trading hours on Friday, reaching $10.30. The company’s stock had a trading volume of 3,260,561 shares, compared to its average volume of 2,243,852. PureCycle Technologies has a one year low of $4.50 and a one year high of $15.58. The business’s 50-day moving average is $9.73 and its 200-day moving average is $9.88. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63. The company has a market cap of $1.79 billion, a price-to-earnings ratio of -6.87 and a beta of 1.58.

Insiders Place Their Bets

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the company’s stock in a transaction on Thursday, February 6th. The shares were bought at an average cost of $8.06 per share, with a total value of $4,996,595.50. Following the transaction, the insider now directly owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. This represents a 1.85 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.09% of the company’s stock.

Wall Street Analyst Weigh In

PCT has been the topic of a number of recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price target on shares of PureCycle Technologies in a report on Tuesday, November 19th. TD Cowen lifted their price objective on PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, Stifel Nicolaus raised their price target on PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th.

About PureCycle Technologies

PureCycle Technologies, Inc engages in the production of recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled polypropylene resin that has multiple applications, including packaging and labeling for consumer products, piping, ropes, cabling, and plastic parts for various industries.