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

PureCycle Technologies (NASDAQ:PCT) issued its quarterly earnings results on Thursday. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.32), reports.

PureCycle Technologies Stock Performance

PureCycle Technologies stock traded up $0.85 during midday trading on Friday, hitting $10.07. 1,817,950 shares of the company were exchanged, compared to its average volume of 2,204,686. PureCycle Technologies has a fifty-two week low of $4.50 and a fifty-two week high of $15.58. The firm has a market capitalization of $1.75 billion, a PE ratio of -6.71 and a beta of 1.58. The business has a fifty day simple moving average of $9.74 and a two-hundred day simple moving average of $9.85. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc bought 619,925 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was purchased at an average cost of $8.06 per share, for a total transaction of $4,996,595.50. Following the purchase, the insider now directly owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.