PureCycle Technologies Target of Unusually Large Options Trading (NASDAQ:PCT)

PureCycle Technologies, Inc. (NASDAQ:PCT) was the target of some unusual options trading activity on Tuesday. Investors purchased 42,953 call options on the stock. This represents an increase of approximately 334% compared to the average volume of 9,889 call options.

PureCycle Technologies Stock Performance

NASDAQ:PCT opened at $14.12 on Wednesday. The business’s fifty day moving average price is $8.33 and its 200 day moving average price is $9.05. The firm has a market capitalization of $2.54 billion, a PE ratio of -12.07 and a beta of 1.80. PureCycle Technologies has a 12 month low of $4.50 and a 12 month high of $15.58. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.55 and a quick ratio of 0.45.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.02). The business had revenue of $1.58 million during the quarter, compared to the consensus estimate of $4.27 million. On average, sell-side analysts anticipate that PureCycle Technologies will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PureCycle Technologies

Several hedge funds have recently made changes to their positions in the business. NBC Securities Inc. acquired a new stake in PureCycle Technologies in the first quarter valued at about $25,000. Jones Financial Companies Lllp lifted its position in PureCycle Technologies by 286.0% in the fourth quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company’s stock valued at $32,000 after purchasing an additional 2,291 shares during the period. Sterling Capital Management LLC lifted its position in PureCycle Technologies by 775.3% in the fourth quarter. Sterling Capital Management LLC now owns 3,230 shares of the company’s stock valued at $33,000 after purchasing an additional 2,861 shares during the period. CWM LLC lifted its position in PureCycle Technologies by 158.7% in the first quarter. CWM LLC now owns 4,960 shares of the company’s stock valued at $34,000 after purchasing an additional 3,043 shares during the period. Finally, US Bancorp DE lifted its position in PureCycle Technologies by 141.5% in the fourth quarter. US Bancorp DE now owns 3,446 shares of the company’s stock valued at $35,000 after purchasing an additional 2,019 shares during the period. Institutional investors and hedge funds own 63.01% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PCT. Wall Street Zen upgraded PureCycle Technologies from a “sell” rating to a “hold” rating in a research report on Saturday. TD Cowen decreased their price objective on PureCycle Technologies from $15.00 to $13.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $12.00.

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.