PureCycle Technologies (NASDAQ:PCT) Trading Down 4.7% – Time to Sell?

PureCycle Technologies, Inc. (NASDAQ:PCT) shares traded down 4.7% during trading on Monday . The stock traded as low as $12.22 and last traded at $12.27. 477,234 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 2,341,998 shares. The stock had previously closed at $12.87.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. TD Cowen lifted their target price on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a report on Friday, August 9th. Craig Hallum lifted their target price on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 9th. Cantor Fitzgerald assumed coverage on shares of PureCycle Technologies in a report on Friday, October 18th. They set an “overweight” rating and a $14.00 target price for the company. Finally, Stifel Nicolaus lifted their target price on shares of PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a report on Monday, August 12th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $8.20.

PureCycle Technologies Stock Down 2.2 %

The company has a market cap of $2.08 billion, a P/E ratio of -13.41 and a beta of 1.55. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.67 and a quick ratio of 0.54. The company’s 50-day moving average is $9.08 and its two-hundred day moving average is $6.91.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.13). As a group, equities analysts predict that PureCycle Technologies, Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Activity at PureCycle Technologies

In related news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the business’s stock in a transaction on Friday, September 13th. The stock was acquired at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the transaction, the insider now owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 11.44% of the stock is owned by insiders.

Institutional Investors Weigh In On PureCycle Technologies

Large investors have recently added to or reduced their stakes in the stock. Fortis Group Advisors LLC grew its position in shares of PureCycle Technologies by 12.5% during the 3rd quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock valued at $117,000 after acquiring an additional 1,376 shares during the period. Patriot Financial Group Insurance Agency LLC lifted its stake in shares of PureCycle Technologies by 7.4% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 26,846 shares of the company’s stock valued at $159,000 after buying an additional 1,850 shares in the last quarter. Hsbc Holdings PLC lifted its stake in shares of PureCycle Technologies by 11.4% during the 2nd quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock valued at $111,000 after buying an additional 1,910 shares in the last quarter. Foster Victor Wealth Advisors LLC lifted its stake in shares of PureCycle Technologies by 6.7% during the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 31,951 shares of the company’s stock valued at $192,000 after buying an additional 2,000 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in shares of PureCycle Technologies by 1.1% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 183,600 shares of the company’s stock valued at $1,087,000 after buying an additional 2,083 shares in the last quarter. Institutional investors own 63.01% of the company’s stock.

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.