PureCycle Technologies Sees Unusually High Options Volume (NYSE:PCT)

PureCycle Technologies, Inc. (NYSE:PCT) was the target of unusually large options trading activity on Thursday. Stock investors purchased 16,675 call options on the company. This represents an increase of 116% compared to the average volume of 7,735 call options.

PureCycle Technologies Price Performance

Shares of NYSE:PCT opened at $14.12 on Friday. PureCycle Technologies has a one year low of $2.38 and a one year high of $15.58. The stock has a market cap of $2.33 billion, a PE ratio of -14.71 and a beta of 1.63. The business’s fifty day moving average price is $8.32 and its two-hundred day moving average price is $6.62. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67.

PureCycle Technologies (NYSE:PCT) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). On average, analysts forecast that PureCycle Technologies will post -0.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Stifel Nicolaus increased their target price on shares of PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a report on Monday, August 12th. Craig Hallum raised their price objective on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Cantor Fitzgerald assumed coverage on PureCycle Technologies in a research report on Friday, October 18th. They set an “overweight” rating and a $14.00 target price on the stock. Finally, TD Cowen raised their price target on PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, PureCycle Technologies presently has a consensus rating of “Hold” and a consensus price target of $8.20.

Insider Transactions at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of PureCycle Technologies stock in a transaction that occurred on Friday, September 13th. The stock was purchased at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the transaction, the insider now directly owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 11.44% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PCT. Fortis Group Advisors LLC acquired a new stake in shares of PureCycle Technologies during the 1st quarter worth $67,000. Algert Global LLC acquired a new stake in PureCycle Technologies during the second quarter worth about $69,000. Tidal Investments LLC purchased a new position in shares of PureCycle Technologies in the 1st quarter worth about $70,000. Bayesian Capital Management LP purchased a new position in shares of PureCycle Technologies in the 1st quarter worth about $98,000. Finally, Park Edge Advisors LLC acquired a new position in shares of PureCycle Technologies in the 3rd quarter valued at about $100,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

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.