PureCycle Technologies (NYSE:PCT) Announces Earnings Results

PureCycle Technologies (NYSE:PCTGet Rating) posted its quarterly earnings results on Thursday. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.04), MarketWatch Earnings reports. During the same period in the previous year, the business posted ($0.32) EPS.

Shares of PCT stock opened at $8.22 on Friday. The company has a quick ratio of 8.98, a current ratio of 8.98 and a debt-to-equity ratio of 0.61. The stock has a 50-day moving average of $8.28 and a 200-day moving average of $8.78. PureCycle Technologies has a one year low of $4.94 and a one year high of $27.92.

A number of research analysts recently issued reports on the company. Zacks Investment Research cut PureCycle Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, January 18th. Craig Hallum cut their price target on PureCycle Technologies from $26.00 to $18.00 in a report on Thursday, March 10th. Finally, Oppenheimer reaffirmed a “buy” rating and issued a $16.00 price target on shares of PureCycle Technologies in a report on Thursday, April 14th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $21.63.

In other news, CEO Michael Otworth purchased 142,856 shares of PureCycle Technologies stock in a transaction on Thursday, March 17th. The stock was purchased at an average price of $7.00 per share, with a total value of $999,992.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider David Warner Brenner sold 225,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 22nd. The stock was sold at an average price of $7.86, for a total value of $1,768,500.00. The disclosure for this sale can be found here. Corporate insiders own 11.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of PureCycle Technologies by 4.6% during the 1st quarter. BlackRock Inc. now owns 3,805,550 shares of the company’s stock worth $30,445,000 after purchasing an additional 168,485 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of PureCycle Technologies by 22.9% during the 4th quarter. Geode Capital Management LLC now owns 1,115,428 shares of the company’s stock worth $10,674,000 after purchasing an additional 207,591 shares in the last quarter. State Street Corp raised its stake in shares of PureCycle Technologies by 32.7% during the 4th quarter. State Street Corp now owns 966,397 shares of the company’s stock worth $9,248,000 after purchasing an additional 237,960 shares in the last quarter. Northern Trust Corp raised its stake in shares of PureCycle Technologies by 1.0% during the 1st quarter. Northern Trust Corp now owns 556,978 shares of the company’s stock worth $4,456,000 after purchasing an additional 5,493 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of PureCycle Technologies by 5.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 525,810 shares of the company’s stock worth $4,207,000 after purchasing an additional 26,901 shares in the last quarter. Institutional investors own 40.86% of the company’s stock.

About PureCycle Technologies (Get Rating)

PureCycle Technologies, Inc produces recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled resin. Its recycling process separates color, odor, and other contaminants from plastic waste feedstock to transform it into virgin-like resin. The company was founded in 2015 and is headquartered in Orlando, Florida.

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