Investors Buy Large Volume of PureCycle Technologies Call Options (NASDAQ:PCT)

PureCycle Technologies, Inc. (NASDAQ:PCT) saw some unusual options trading activity on Monday. Stock traders purchased 16,886 call options on the company. This represents an increase of approximately 41% compared to the typical daily volume of 11,940 call options.

PureCycle Technologies Stock Performance

Shares of PCT opened at $7.84 on Wednesday. The firm has a market capitalization of $1.41 billion, a P/E ratio of -5.37 and a beta of 2.11. PureCycle Technologies has a 52 week low of $5.40 and a 52 week high of $17.37. The stock has a 50 day moving average price of $10.63 and a two-hundred day moving average price of $12.47. The company has a debt-to-equity ratio of 5.21, a quick ratio of 2.15 and a current ratio of 2.24.

PureCycle Technologies (NASDAQ:PCT) last announced its earnings results on Thursday, November 6th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.19). The company had revenue of $2.43 million during the quarter, compared to the consensus estimate of $6.04 million. Equities analysts forecast that PureCycle Technologies will post -1.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PCT shares. Seaport Res Ptn raised shares of PureCycle Technologies to a “strong-buy” rating in a research note on Wednesday, October 22nd. Northland Capmk raised PureCycle Technologies to a “strong-buy” rating in a research report on Tuesday, August 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Wednesday, October 8th. Northland Securities initiated coverage on PureCycle Technologies in a research note on Wednesday, August 27th. They issued an “outperform” rating and a $16.00 price objective for the company. Finally, TD Cowen restated a “hold” rating and set a $9.00 price objective (down previously from $16.00) on shares of PureCycle Technologies in a report on Monday, November 24th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $13.67.

Hedge Funds Weigh In On PureCycle Technologies

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

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.