PureCycle Technologies (NASDAQ:PCT) Issues 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 Trading Up 11.7 %

NASDAQ:PCT traded up $1.08 on Friday, hitting $10.30. The stock had a trading volume of 3,260,561 shares, compared to its average volume of 2,243,852. The company has a fifty day moving average price of $9.73 and a two-hundred day moving average price of $9.88. 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 1-year low of $4.50 and a 1-year high of $15.58. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of -6.87 and a beta of 1.58.

Insider Transactions at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc bought 619,925 shares of the business’s stock in a transaction that occurred on Thursday, February 6th. The shares were purchased at an average cost of $8.06 per share, with a total value of $4,996,595.50. Following the purchase, the insider now directly 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.09% of the company’s stock.

Wall Street Analysts Forecast Growth

PCT has been the subject of a number of research reports. TD Cowen boosted their target price on shares of 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 reaffirmed an “overweight” rating and issued a $14.00 price objective on shares of PureCycle Technologies in a report on Tuesday, November 19th. Finally, Stifel Nicolaus lifted their price objective on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, November 12th.

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.