PureCycle Technologies (NASDAQ:PCT) Trading Down 5.1% – Here’s What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT) dropped 5.1% on Thursday . The company traded as low as $7.54 and last traded at $7.60. Approximately 1,048,170 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 2,202,277 shares. The stock had previously closed at $8.01.

PureCycle Technologies Stock Up 1.8 %

The company has a market cap of $1.39 billion, a price-to-earnings ratio of -5.18 and a beta of 1.55. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36. The business has a fifty day moving average of $9.04 and a two-hundred day moving average of $10.12.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.32). As a group, equities analysts anticipate that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc acquired 619,925 shares of the business’s stock in a transaction on Thursday, February 6th. The stock was bought at an average cost of $8.06 per share, for a total transaction of $4,996,595.50. Following the purchase, the insider now owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. This represents a 1.85 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 11.44% of the stock is owned by company insiders.

Institutional Investors Weigh In On PureCycle Technologies

Several large investors have recently bought and sold shares of PCT. Jones Financial Companies Lllp grew its position in shares of PureCycle Technologies by 286.0% in the fourth quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company’s stock valued at $32,000 after purchasing an additional 2,291 shares in the last quarter. Sterling Capital Management LLC grew its position in shares of PureCycle Technologies by 775.3% in the fourth quarter. Sterling Capital Management LLC now owns 3,230 shares of the company’s stock valued at $33,000 after purchasing an additional 2,861 shares in the last quarter. US Bancorp DE grew its position in shares of PureCycle Technologies by 141.5% in the fourth quarter. US Bancorp DE now owns 3,446 shares of the company’s stock valued at $35,000 after purchasing an additional 2,019 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new stake in shares of PureCycle Technologies in the fourth quarter valued at approximately $80,000. Finally, Keudell Morrison Wealth Management purchased a new stake in shares of PureCycle Technologies in the fourth quarter valued at approximately $117,000. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

PureCycle Technologies Company Profile

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.