PureCycle Technologies (NASDAQ:PCT) Releases Quarterly Earnings Results, Misses Estimates By $0.32 EPS

PureCycle Technologies (NASDAQ:PCT) announced its quarterly earnings results on Thursday. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.32), reports.

PureCycle Technologies Stock Up 11.7 %

Shares of NASDAQ:PCT traded up $1.08 during trading on Friday, hitting $10.30. 3,260,561 shares of the company were exchanged, compared to its average volume of 2,243,852. The firm’s 50 day moving average price is $9.73 and its 200-day moving average price is $9.88. PureCycle Technologies has a 12-month low of $4.50 and a 12-month high of $15.58. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63. The stock has a market capitalization of $1.79 billion, a P/E ratio of -6.87 and a beta of 1.58.

Insiders Place Their Bets

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was purchased at an average price of $8.06 per share, for a total transaction of $4,996,595.50. Following the purchase, the insider now directly owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.09% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on PCT. Stifel Nicolaus increased their price objective on PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 price target on shares of PureCycle Technologies in a report on Tuesday, November 19th. Finally, TD Cowen raised their price objective on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th.

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.