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

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

PureCycle Technologies Price Performance

Shares of NASDAQ:PCT traded up $1.08 during trading on Friday, reaching $10.30. 3,260,561 shares of the company’s stock traded hands, 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. PureCycle Technologies has a fifty-two week low of $4.50 and a fifty-two week high of $15.58. The company has a 50-day simple moving average of $9.73 and a 200-day simple moving average of $9.88. The firm has a market cap of $1.79 billion, a PE ratio of -6.87 and a beta of 1.58.

Analysts Set New Price Targets

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

Insider Buying and Selling

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

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.