PureCycle Technologies (NASDAQ:PCT) Stock Jumps 5.2% – Still a Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s share price shot up 5.2% on Friday. The company traded as high as $3.32 and last traded at $3.3550. 2,347,187 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 4,870,872 shares. The stock had previously closed at $3.19.

Analysts Set New Price Targets

PCT has been the topic of several research analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of PureCycle Technologies in a report on Wednesday, September 2nd. Cantor Fitzgerald reduced their target price on PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, August 7th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $11.75.

PureCycle Technologies Price Performance

The firm has a market cap of $639.87 million, a PE ratio of -2.18 and a beta of 2.63. The stock’s fifty day moving average price is $5.68 and its 200-day moving average price is $7.34. The company has a debt-to-equity ratio of 27.37, a current ratio of 2.60 and a quick ratio of 2.42.

PureCycle Technologies (NASDAQ:PCT) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.51). The business had revenue of $4.51 million during the quarter, compared to analysts’ expectations of $6.11 million. PureCycle Technologies had a negative return on equity of 612.39% and a negative net margin of 1,618.84%. As a group, equities analysts expect that PureCycle Technologies, Inc. will post -0.90 EPS for the current fiscal year.

Insider Buying and Selling

In other PureCycle Technologies news, Director Fernando Musa bought 15,479 shares of the firm’s stock in a transaction on Friday, September 4th. The shares were acquired at an average cost of $6.38 per share, with a total value of $98,756.02. Following the purchase, the director directly owned 175,983 shares of the company’s stock, valued at $1,122,771.54. This trade represents a 9.64% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 18.80% of the company’s stock.

Institutional Trading of PureCycle Technologies

Several large investors have recently added to or reduced their stakes in the stock. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in PureCycle Technologies in the 3rd quarter valued at $45,000. Sanders Morris Harris LLC purchased a new position in shares of PureCycle Technologies during the 3rd quarter worth $948,000. Koa Wealth Management LLC raised its holdings in shares of PureCycle Technologies by 102.4% during the 3rd quarter. Koa Wealth Management LLC now owns 31,820 shares of the company’s stock worth $140,000 after acquiring an additional 16,095 shares during the period. Apella Capital LLC boosted its position in shares of PureCycle Technologies by 24.2% during the 3rd quarter. Apella Capital LLC now owns 109,659 shares of the company’s stock valued at $484,000 after acquiring an additional 21,399 shares during the last quarter. Finally, Avidian Wealth Enterprises LLC acquired a new position in shares of PureCycle Technologies during the 3rd quarter valued at about $44,000. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

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.