PureCycle Technologies (NASDAQ:PCT) Shares Gap Up – Here’s What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $8.68, but opened at $8.94. PureCycle Technologies shares last traded at $9.04, with a volume of 955,821 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, TD Cowen decreased their price objective on shares of PureCycle Technologies from $15.00 to $13.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th.

PureCycle Technologies Price Performance

The business’s 50 day moving average is $6.99 and its 200-day moving average is $9.39. The firm has a market capitalization of $1.67 billion, a P/E ratio of -6.19 and a beta of 1.68. 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 (NASDAQ:PCT) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.02). The company had revenue of $1.58 million for the quarter, compared to analyst estimates of $4.27 million. As a group, sell-side analysts predict that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Institutional Trading of PureCycle Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. NewEdge Advisors LLC grew its stake in shares of PureCycle Technologies by 0.4% during the fourth quarter. NewEdge Advisors LLC now owns 322,491 shares of the company’s stock worth $3,306,000 after buying an additional 1,330 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in shares of PureCycle Technologies by 11.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 12,897 shares of the company’s stock worth $132,000 after buying an additional 1,352 shares during the last quarter. Integrated Wealth Concepts LLC grew its stake in shares of PureCycle Technologies by 4.3% during the first quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company’s stock worth $253,000 after buying an additional 1,516 shares during the last quarter. Skandinaviska Enskilda Banken AB publ grew its stake in shares of PureCycle Technologies by 11.5% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 17,049 shares of the company’s stock worth $118,000 after buying an additional 1,753 shares during the last quarter. Finally, US Bancorp DE grew its stake in shares of PureCycle Technologies by 141.5% during the fourth quarter. US Bancorp DE now owns 3,446 shares of the company’s stock worth $35,000 after buying an additional 2,019 shares during the last quarter. Institutional investors own 63.01% of the company’s stock.

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.