PureCycle Technologies (NASDAQ:PCT) Issues Earnings Results, Misses Estimates By $0.03 EPS

PureCycle Technologies (NASDAQ:PCT) posted its quarterly earnings results on Wednesday. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.03), Zacks reports. 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 $2.35 million during the quarter, compared to analysts’ expectations of $8.28 million.

PureCycle Technologies Stock Performance

PCT stock traded down $0.33 during midday trading on Wednesday, hitting $2.79. 10,804,312 shares of the stock traded hands, compared to its average volume of 5,026,355. The firm has a market cap of $560.51 million, a P/E ratio of -1.91 and a beta of 2.74. The company has a debt-to-equity ratio of 27.37, a current ratio of 2.60 and a quick ratio of 2.42. The stock’s fifty day simple moving average is $4.64 and its 200-day simple moving average is $7.26. PureCycle Technologies has a 1-year low of $2.59 and a 1-year high of $14.19.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Cantor Fitzgerald decreased 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. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PureCycle Technologies in a report on Wednesday, September 2nd. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, PureCycle Technologies has a consensus rating of “Hold” and an average target price of $11.75.

Insiders Place Their Bets

In other news, Director Fernando Musa acquired 15,479 shares of the firm’s stock in a transaction on Friday, September 4th. The stock was acquired at an average price of $6.38 per share, for a total transaction of $98,756.02. Following the completion of the transaction, the director owned 175,983 shares in the company, valued at approximately $1,122,771.54. The trade was a 9.64% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 18.80% of the company’s stock.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc (NASDAQ:PCT) is a recycling technology company focused on converting waste polypropylene (PP) into recycled resin with properties designed to be comparable to virgin polypropylene. Its technology is intended to remove color, odor and other contaminants from used plastic, expanding the potential for recycled PP in applications that traditionally rely on virgin materials.

The company processes post-consumer and post-industrial polypropylene feedstock into purified recycled polypropylene products.