PureCycle Technologies (NASDAQ:PCT) Releases Earnings Results, Misses Expectations By $0.32 EPS

PureCycle Technologies (NASDAQ:PCT) announced its quarterly earnings data on Thursday. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.32), reports.

PureCycle Technologies Price Performance

NASDAQ PCT traded up $1.08 during trading on Friday, hitting $10.30. 3,260,561 shares of the stock traded hands, compared to its average volume of 2,243,852. 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 12-month low of $4.50 and a 12-month high of $15.58. The firm has a 50-day simple moving average of $9.73 and a 200-day simple moving average of $9.88. The company has a market capitalization of $1.79 billion, a P/E ratio of -6.87 and a beta of 1.58.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $14.00 price target on shares of PureCycle Technologies in a report on Tuesday, November 19th. TD Cowen lifted their target price on PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, Stifel Nicolaus boosted their price target on PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th.

Insider Transactions at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was purchased at an average price of $8.06 per share, with a total value of $4,996,595.50. Following the acquisition, the insider now owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. The trade was a 1.85 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.09% 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.