PureCycle Technologies (NASDAQ:PCT) Trading Down 5.1% – Time to Sell?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s share price dropped 5.1% during mid-day trading on Thursday . The company traded as low as $7.54 and last traded at $7.60. Approximately 1,048,170 shares changed hands during trading, a decline of 52% from the average daily volume of 2,202,277 shares. The stock had previously closed at $8.01.

Analyst Upgrades and Downgrades

Separately, TD Cowen increased their target price on shares of PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th.

PureCycle Technologies Stock Performance

The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of -5.08 and a beta of 1.55. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36. The stock’s fifty day simple moving average is $9.12 and its 200-day simple moving average is $10.12.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.32). Analysts predict that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Insider Buying and Selling at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc acquired 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 owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.44% of the company’s stock.

Institutional Investors Weigh In On PureCycle Technologies

Large investors have recently modified their holdings of the company. Quest Partners LLC purchased a new position in shares of PureCycle Technologies in the 3rd quarter valued at $300,000. Prospera Private Wealth LLC grew its position in shares of PureCycle Technologies by 35.9% in the 3rd quarter. Prospera Private Wealth LLC now owns 15,436 shares of the company’s stock valued at $147,000 after buying an additional 4,080 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of PureCycle Technologies in the 3rd quarter valued at $310,000. Charles Schwab Investment Management Inc. grew its position in shares of PureCycle Technologies by 1.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,100,281 shares of the company’s stock valued at $10,453,000 after buying an additional 19,989 shares during the last quarter. Finally, Nwam LLC purchased a new position in shares of PureCycle Technologies in the 3rd quarter valued at $179,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

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.