PureCycle Technologies (NASDAQ:PCT) Trading Down 13.5% – Should You Sell?

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) dropped 13.5% during trading on Friday . The company traded as low as $5.99 and last traded at $5.92. Approximately 503,716 shares traded hands during trading, a decline of 77% from the average daily volume of 2,225,441 shares. The stock had previously closed at $6.84.

PureCycle Technologies Trading Down 12.4 %

The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -3.99 and a beta of 1.68. The business’s 50 day moving average price is $8.55 and its two-hundred day moving average price is $10.18.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.32). Equities analysts forecast that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the firm’s stock in a transaction on Thursday, February 6th. The shares were purchased at an average price of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the transaction, the insider now owns 34,077,574 shares in the company, valued at $274,665,246.44. This represents a 1.85 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.44% of the stock is owned by company insiders.

Institutional Investors Weigh In On PureCycle Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. Sylebra Capital LLC raised its position in shares of PureCycle Technologies by 14.6% during the third quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock worth $317,848,000 after purchasing an additional 4,264,393 shares during the period. Duquesne Family Office LLC purchased a new stake in PureCycle Technologies during the fourth quarter valued at about $16,323,000. T. Rowe Price Investment Management Inc. acquired a new position in shares of PureCycle Technologies in the fourth quarter worth about $13,859,000. Vanguard Group Inc. increased its position in shares of PureCycle Technologies by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 14,100,507 shares of the company’s stock worth $144,530,000 after acquiring an additional 758,382 shares in the last quarter. Finally, Polar Asset Management Partners Inc. acquired a new stake in shares of PureCycle Technologies during the fourth quarter valued at approximately $3,290,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Company Profile

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.