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

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

PureCycle Technologies Stock Performance

PCT stock traded up $1.08 during midday trading on Friday, hitting $10.30. The stock had a trading volume of 3,260,561 shares, compared to its average volume of 2,243,852. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of -6.87 and a beta of 1.58. PureCycle Technologies has a 52 week low of $4.50 and a 52 week high of $15.58. The stock has a 50-day simple moving average of $9.73 and a 200 day simple moving average of $9.88. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PCT. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price objective on shares of PureCycle Technologies in a research note on Tuesday, November 19th. TD Cowen raised 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. Finally, Stifel Nicolaus raised their price objective on shares of PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc acquired 619,925 shares of the business’s stock in a transaction on Thursday, February 6th. The stock was bought at an average cost of $8.06 per share, with a total value of $4,996,595.50. Following the completion of the acquisition, the insider now owns 34,077,574 shares in the company, valued at $274,665,246.44. The trade was a 1.85 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.09% of the stock is owned by company insiders.

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.