PureCycle Technologies (NASDAQ:PCT) Shares Down 13.5% – Here’s What Happened

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) dropped 13.5% on Friday . The company traded as low as $5.99 and last traded at $5.92. Approximately 503,716 shares changed hands during trading, a decline of 77% from the average daily volume of 2,225,441 shares. The stock had previously closed at $6.84.

PureCycle Technologies Stock Down 12.4 %

The firm has a 50-day moving average of $8.55 and a two-hundred day moving average of $10.18. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -3.99 and a beta of 1.68. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36.

PureCycle Technologies (NASDAQ:PCT) last issued its earnings results on Thursday, February 27th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.32). As a group, sell-side analysts anticipate that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Insider Buying and Selling at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc bought 619,925 shares of the stock in a transaction on Thursday, February 6th. The shares were purchased at an average price of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the purchase, the insider now directly owns 34,077,574 shares of the company’s stock, valued at $274,665,246.44. This trade represents a 1.85 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 11.44% of the company’s stock.

Institutional Investors Weigh In On PureCycle Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System increased its holdings in PureCycle Technologies by 3.8% in the fourth quarter. California State Teachers Retirement System now owns 113,708 shares of the company’s stock worth $1,166,000 after buying an additional 4,170 shares during the last quarter. Copia Wealth Management acquired a new position in shares of PureCycle Technologies during the 4th quarter worth $514,000. Integrated Advisors Network LLC acquired a new position in shares of PureCycle Technologies during the 4th quarter worth $119,000. Polar Asset Management Partners Inc. bought a new position in shares of PureCycle Technologies during the 4th quarter valued at $3,290,000. Finally, JT Stratford LLC lifted its stake in shares of PureCycle Technologies by 3.5% in the 4th quarter. JT Stratford LLC now owns 74,321 shares of the company’s stock valued at $762,000 after purchasing an additional 2,501 shares during the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.

PureCycle Technologies Company Profile

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.