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

PureCycle Technologies (NASDAQ:PCT) released its quarterly earnings results on Thursday. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.32), reports.

PureCycle Technologies Trading Up 11.7 %

Shares of NASDAQ PCT traded up $1.08 during trading hours on Friday, reaching $10.30. The stock had a trading volume of 3,260,561 shares, compared to its average volume of 2,243,852. PureCycle Technologies has a 52-week low of $4.50 and a 52-week high of $15.58. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of -6.87 and a beta of 1.58. The business’s fifty day moving average price is $9.73 and its two-hundred day moving average price is $9.88. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc acquired 619,925 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was bought at an average cost of $8.06 per share, with a total value of $4,996,595.50. Following the completion of the purchase, the insider now directly owns 34,077,574 shares in the company, valued at $274,665,246.44. The trade was a 1.85 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.09% of the stock is currently owned by company insiders.

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.