PureCycle Technologies (NASDAQ:PCT) Sets New 1-Year Low – Time to Sell?

by · The Markets Daily

PureCycle Technologies, Inc. (NASDAQ:PCT – Get Free Report) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $4.92 and last traded at $4.9250, with a volume of 2886213 shares. The stock had previously closed at $5.15.

Analysts Set New Price Targets

A number of brokerages recently commented on PCT. Northland Securities set a $13.00 price target on shares of PureCycle Technologies in a research note on Friday, June 12th. Cantor Fitzgerald reduced their price objective on PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Alembic Global Advisors set a $16.00 target price on PureCycle Technologies in a research report on Tuesday, June 16th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a report on Wednesday, September 2nd. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $11.75.

Get Our Latest Report on PCT

PureCycle Technologies Stock Performance

The stock’s 50-day simple moving average is $6.41 and its 200-day simple moving average is $7.52. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of -3.44 and a beta of 2.57. The company has a current ratio of 2.60, a quick ratio of 2.42 and a debt-to-equity ratio of 27.37.

PureCycle Technologies (NASDAQ:PCT – Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.51). The business had revenue of $4.51 million during the quarter, compared to analyst estimates of $6.11 million. PureCycle Technologies had a negative net margin of 1,618.84% and a negative return on equity of 612.39%. Analysts forecast that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Fernando Musa acquired 15,479 shares of the stock in a transaction on Friday, September 4th. The shares were purchased at an average price of $6.38 per share, for a total transaction of $98,756.02. Following the purchase, the director directly owned 175,983 shares in the company, valued at approximately $1,122,771.54. The trade was a 9.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 18.80% of the stock is currently owned by company insiders.

Institutional Trading of PureCycle Technologies

A number of institutional investors have recently modified their holdings of PCT. Rokos Capital Management LLP bought a new position in shares of PureCycle Technologies in the first quarter worth $7,526,000. SWS Partners bought a new stake in PureCycle Technologies during the second quarter worth about $11,637,000. Cibc World Market Inc. bought a new stake in PureCycle Technologies during the second quarter worth about $9,201,000. NewEdge Advisors LLC grew its stake in PureCycle Technologies by 600.9% during the second quarter. NewEdge Advisors LLC now owns 1,186,811 shares of the company’s stock worth $9,625,000 after buying an additional 1,017,488 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in PureCycle Technologies during the second quarter worth about $5,095,000. 63.01% of the stock is currently owned by institutional investors.

About PureCycle Technologies

(Get Free Report)

PureCycle Technologies, Inc is a chemical recycling company that develops and operates technology designed to convert waste polypropylene plastic into recycled polypropylene resin. Unlike conventional mechanical recycling, which can leave behind colors, odors and other contaminants, PureCycle’s proprietary purification process is intended to separate impurities from polypropylene and produce a recycled material with properties similar to virgin resin.

The company’s products are recycled polypropylene pellets and related materials that can be used in applications such as packaging, consumer products, automotive components and other molded plastic goods.

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