PureCycle Technologies (NASDAQ:PCT) Releases Quarterly Earnings Results

PureCycle Technologies (NASDAQ:PCT) announced its quarterly earnings results on Thursday. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.32), reports.

PureCycle Technologies Stock Up 11.7 %

Shares of NASDAQ:PCT traded up $1.08 during mid-day trading on Friday, reaching $10.30. 3,260,561 shares of the stock were exchanged, compared to its average volume of 2,243,852. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. The company has a market cap of $1.79 billion, a P/E ratio of -6.87 and a beta of 1.58. PureCycle Technologies has a one year low of $4.50 and a one year high of $15.58. The stock’s 50 day simple moving average is $9.73 and its 200-day simple moving average is $9.88.

Analysts Set New Price Targets

PCT has been the subject of several recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price target on shares of PureCycle Technologies in a report on Tuesday, November 19th. Stifel Nicolaus increased their price objective on PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, TD Cowen increased their price objective on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc purchased 619,925 shares of PureCycle Technologies stock in a transaction that occurred on Thursday, February 6th. The stock was purchased at an average cost of $8.06 per share, with a total value of $4,996,595.50. Following the completion of the transaction, the insider now owns 34,077,574 shares of the company’s stock, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their position. The purchase 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 owned by corporate 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.