PureCycle Technologies (NASDAQ:PCT) Shares Gap Down – Should You Sell?

PureCycle Technologies, Inc. (NASDAQ:PCT) shares gapped down before the market opened on Monday . The stock had previously closed at $8.29, but opened at $8.03. PureCycle Technologies shares last traded at $7.8950, with a volume of 1,316,816 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Seaport Res Ptn upgraded shares of PureCycle Technologies to a “strong-buy” rating in a report on Wednesday, October 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Wednesday, October 8th. Cowen reiterated a “buy” rating on shares of PureCycle Technologies in a research note on Friday, August 8th. TD Cowen reissued a “hold” rating and set a $9.00 price objective (down from $16.00) on shares of PureCycle Technologies in a report on Monday. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $16.00 target price on shares of PureCycle Technologies in a research report on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, PureCycle Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $13.67.

PureCycle Technologies Price Performance

The business’s 50 day moving average is $12.05 and its two-hundred day moving average is $12.49. The company has a debt-to-equity ratio of 5.21, a quick ratio of 2.15 and a current ratio of 2.24. The firm has a market capitalization of $1.54 billion, a PE ratio of -5.86 and a beta of 2.01.

PureCycle Technologies (NASDAQ:PCT) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.19). The firm had revenue of $2.43 million during the quarter, compared to analysts’ expectations of $6.04 million. Equities research analysts anticipate that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PureCycle Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Anthracite Investment Company Inc. bought a new position in shares of PureCycle Technologies in the second quarter worth approximately $2,932,000. Duquesne Family Office LLC grew its stake in PureCycle Technologies by 111.3% in the 1st quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company’s stock worth $23,285,000 after buying an additional 1,772,342 shares in the last quarter. Forum Financial Management LP grew its stake in PureCycle Technologies by 66.7% in the 2nd quarter. Forum Financial Management LP now owns 125,000 shares of the company’s stock worth $1,712,000 after buying an additional 50,000 shares in the last quarter. SWS Partners increased its holdings in shares of PureCycle Technologies by 2.8% in the 1st quarter. SWS Partners now owns 757,279 shares of the company’s stock worth $5,240,000 after buying an additional 20,547 shares during the last quarter. Finally, Fortitude Advisory Group L.L.C. raised its position in shares of PureCycle Technologies by 218.2% during the 2nd quarter. Fortitude Advisory Group L.L.C. now owns 70,000 shares of the company’s stock valued at $959,000 after buying an additional 48,000 shares in the last quarter. 63.01% of the stock is currently owned by institutional investors.

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.