PureCycle Technologies (NASDAQ:PCT) Shares Gap Down – What’s Next?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $9.89, but opened at $8.25. PureCycle Technologies shares last traded at $8.3390, with a volume of 9,975,420 shares traded.

Analyst Ratings Changes

A number of research firms have recently commented on PCT. TD Cowen cut their price target on PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a report on Friday, May 8th. Wall Street Zen lowered PureCycle Technologies from a “sell” rating to a “strong sell” rating in a report on Sunday, May 10th. Northland Securities set a $13.00 price target on PureCycle Technologies in a report on Friday. Cantor Fitzgerald cut their price target on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating for the company in a report on Friday, February 27th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of PureCycle Technologies in a research report on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.

PureCycle Technologies Stock Performance

The company has a quick ratio of 1.57, a current ratio of 1.71 and a debt-to-equity ratio of 47.59. The company’s 50-day moving average is $9.24 and its two-hundred day moving average is $8.74. The company has a market capitalization of $1.61 billion, a P/E ratio of -6.04 and a beta of 2.48.

PureCycle Technologies (NASDAQ:PCT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.05. The company had revenue of $4.13 million for the quarter, compared to analysts’ expectations of $3.83 million. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. Equities analysts anticipate that PureCycle Technologies, Inc. will post -0.99 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PureCycle Technologies

Large investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC raised its position in PureCycle Technologies by 6,571.8% during the third quarter. Larson Financial Group LLC now owns 2,602 shares of the company’s stock valued at $34,000 after purchasing an additional 2,563 shares in the last quarter. Advisory Services Network LLC purchased a new stake in PureCycle Technologies during the third quarter valued at about $35,000. SHP Wealth Management purchased a new stake in PureCycle Technologies during the fourth quarter valued at about $43,000. Cassaday & Co Wealth Management LLC purchased a new stake in PureCycle Technologies during the first quarter valued at about $33,000. Finally, Farther Finance Advisors LLC raised its position in PureCycle Technologies by 3,047.8% during the fourth quarter. Farther Finance Advisors LLC now owns 9,160 shares of the company’s stock valued at $79,000 after purchasing an additional 8,869 shares in the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra?pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.

Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.