PureCycle Technologies (NASDAQ:PCT) Stock Sees Unusually High Call Option Buying

PureCycle Technologies, Inc. (NASDAQ:PCT) was the target of unusually large options trading activity on Wednesday. Investors acquired 40,909 call options on the stock. This represents an increase of approximately 220% compared to the typical volume of 12,797 call options.

Insider Activity

In related news, Director Fernando Musa purchased 15,479 shares of the stock in a transaction that occurred on Friday, September 4th. The shares were purchased at an average price of $6.38 per share, with a total value of $98,756.02. Following the completion of the acquisition, the director directly owned 175,983 shares in the company, valued at $1,122,771.54. This represents a 9.64% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 18.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PureCycle Technologies

Institutional investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. increased its holdings in shares of PureCycle Technologies by 163.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 228,225 shares of the company’s stock valued at $1,851,000 after purchasing an additional 141,707 shares in the last quarter. State Street Corp increased its holdings in PureCycle Technologies by 12.0% in the second quarter. State Street Corp now owns 3,331,674 shares of the company’s stock valued at $27,020,000 after buying an additional 355,675 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of PureCycle Technologies by 13.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,815 shares of the company’s stock valued at $542,000 after acquiring an additional 7,773 shares during the period. Sequoia Financial Advisors LLC lifted its position in shares of PureCycle Technologies by 71.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 23,092 shares of the company’s stock valued at $187,000 after acquiring an additional 9,641 shares during the period. Finally, WINTON GROUP Ltd purchased a new stake in shares of PureCycle Technologies during the 2nd quarter worth approximately $1,028,000. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

PureCycle Technologies Stock Performance

PCT traded up $0.20 during trading on Friday, reaching $4.49. The company’s stock had a trading volume of 578,056 shares, compared to its average volume of 4,771,562. The company has a debt-to-equity ratio of 27.37, a quick ratio of 2.42 and a current ratio of 2.60. The company’s fifty day moving average price is $6.22 and its 200-day moving average price is $7.47. PureCycle Technologies has a 52-week low of $4.22 and a 52-week high of $15.49. The company has a market capitalization of $901.04 million, a price-to-earnings ratio of -3.07 and a beta of 2.63.

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

Analyst Ratings Changes

Several research analysts have weighed in on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of PureCycle Technologies in a research note on Wednesday, September 2nd. Northland Securities set a $13.00 price target on PureCycle Technologies in a research note on Friday, June 12th. Alembic Global Advisors set a $16.00 price target on PureCycle Technologies in a report on Tuesday, June 16th. Finally, Cantor Fitzgerald lowered their price objective on shares of PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $11.75.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc is a recycling technology company that develops and operates facilities designed to convert waste polypropylene (PP) plastic into recycled resin. Its process is intended to remove colors, odors and other contaminants from used polypropylene, producing a material with properties comparable to virgin polypropylene.

The company’s primary product is PureFive™ recycled polypropylene, which can be used in applications such as packaging, consumer products, automotive components and other plastic goods.