PureCycle Technologies (NASDAQ:PCT) Releases Earnings Results, Misses Estimates By $0.32 EPS

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

PureCycle Technologies Stock Performance

NASDAQ:PCT traded up $0.80 during mid-day trading on Friday, hitting $10.02. 1,724,645 shares of the company’s stock traded hands, compared to its average volume of 2,203,305. 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 firm has a 50 day moving average of $9.74 and a two-hundred day moving average of $9.85. The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of -6.66 and a beta of 1.58. PureCycle Technologies has a 12 month low of $4.50 and a 12 month high of $15.58.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the firm’s stock in a transaction on Thursday, February 6th. The shares were purchased at an average price of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the purchase, the insider now directly owns 34,077,574 shares of the company’s stock, valued at approximately $274,665,246.44. This represents a 1.85 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.09% of the stock is 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.