Stock Traders Purchase High Volume of PureCycle Technologies Call Options (NASDAQ:PCT)

PureCycle Technologies, Inc. (NASDAQ:PCT) was the recipient of some unusual options trading on Tuesday. Traders bought 26,332 call options on the stock. This is an increase of approximately 131% compared to the average daily volume of 11,380 call options.

Analysts Set New Price Targets

Several research firms have commented on PCT. Northland Securities began coverage on PureCycle Technologies in a report on Wednesday, August 27th. They issued an “outperform” rating and a $16.00 price target for the company. Northland Capmk raised PureCycle Technologies to a “strong-buy” rating in a report on Tuesday, August 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PureCycle Technologies in a report on Wednesday, October 8th. Cowen reaffirmed a “buy” rating on shares of PureCycle Technologies in a report on Friday, August 8th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $16.00 price target on shares of PureCycle Technologies in a report on Friday, August 8th. Three investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $15.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PCT. Duquesne Family Office LLC increased its holdings in PureCycle Technologies by 111.3% during the 1st quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company’s stock valued at $23,285,000 after purchasing an additional 1,772,342 shares in the last quarter. Samlyn Capital LLC increased its holdings in PureCycle Technologies by 19.1% during the 1st quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company’s stock valued at $43,057,000 after purchasing an additional 997,337 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in PureCycle Technologies by 66.4% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,249,781 shares of the company’s stock valued at $15,569,000 after purchasing an additional 897,694 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in PureCycle Technologies by 100.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,383,478 shares of the company’s stock valued at $18,954,000 after purchasing an additional 691,809 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in PureCycle Technologies by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company’s stock valued at $102,149,000 after purchasing an additional 660,837 shares in the last quarter. 63.01% of the stock is owned by institutional investors.

PureCycle Technologies Stock Down 7.2%

Shares of NASDAQ PCT opened at $10.12 on Wednesday. The stock has a market cap of $1.82 billion, a PE ratio of -5.99 and a beta of 2.01. The business has a fifty day moving average of $13.41 and a two-hundred day moving average of $12.24. PureCycle Technologies has a 52-week low of $5.40 and a 52-week high of $17.37. The company has a debt-to-equity ratio of 3.54, a quick ratio of 2.07 and a current ratio of 2.14.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.12). The business had revenue of $1.65 million during the quarter, compared to the consensus estimate of $4.10 million. As a group, equities research analysts expect that PureCycle Technologies will post -1.01 earnings per share for the current fiscal year.

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.