PureCycle Technologies (NYSE:PCT) Shares Down 4.3%

PureCycle Technologies, Inc. (NYSE:PCT – Get Rating)’s share price was down 4.3% on Friday . The company traded as low as $7.32 and last traded at $7.35. Approximately 142,322 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 1,856,925 shares. The stock had previously closed at $7.68.

Analyst Ratings Changes

Separately, Oppenheimer cut their price target on shares of PureCycle Technologies from $14.00 to $10.00 and set an “outperform” rating for the company in a research note on Friday, March 17th.

PureCycle Technologies Trading Down 8.3 %

The company has a debt-to-equity ratio of 0.46, a quick ratio of 6.17 and a current ratio of 6.17. The stock has a market capitalization of $1.15 billion, a P/E ratio of -13.80 and a beta of 0.95. The firm’s fifty day simple moving average is $6.13 and its 200 day simple moving average is $6.80.

PureCycle Technologies (NYSE:PCT – Get Rating) last announced its quarterly earnings results on Wednesday, March 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.09. As a group, equities research analysts forecast that PureCycle Technologies, Inc. will post -0.4 EPS for the current fiscal year.

Institutional Investors Weigh In On PureCycle Technologies

Several hedge funds have recently added to or reduced their stakes in PCT. Moneta Group Investment Advisors LLC lifted its position in shares of PureCycle Technologies by 113,962.7% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 45,370,710 shares of the company’s stock worth $306,706,000 after purchasing an additional 45,330,933 shares during the period. Abundance Wealth Counselors lifted its position in shares of PureCycle Technologies by 34.6% during the 1st quarter. Abundance Wealth Counselors now owns 7,742,629 shares of the company’s stock valued at $54,198,000 after acquiring an additional 1,990,966 shares during the period. BlackRock Inc. increased its stake in PureCycle Technologies by 1.8% during the 1st quarter. BlackRock Inc. now owns 7,253,019 shares of the company’s stock valued at $50,771,000 after purchasing an additional 126,438 shares in the last quarter. Geode Capital Management LLC increased its stake in PureCycle Technologies by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 2,280,976 shares of the company’s stock valued at $15,419,000 after purchasing an additional 83,543 shares in the last quarter. Finally, State Street Corp increased its stake in PureCycle Technologies by 8.4% during the 3rd quarter. State Street Corp now owns 1,995,955 shares of the company’s stock valued at $16,107,000 after purchasing an additional 155,394 shares in the last quarter. 83.82% of the stock is currently owned by institutional investors and hedge funds.

About PureCycle Technologies

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PureCycle Technologies, Inc produces recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled resin. Its recycling process separates color, odor, and other contaminants from plastic waste feedstock to transform it into virgin-like resin. The company was founded in 2015 and is headquartered in Orlando, Florida.