Stock Traders Buy High Volume of Call Options on PureCycle Technologies (NYSE:PCT)

PureCycle Technologies, Inc. (NYSE:PCT) was the recipient of unusually large options trading activity on Thursday. Investors bought 16,675 call options on the stock. This represents an increase of approximately 116% compared to the average volume of 7,735 call options.

PureCycle Technologies Stock Performance

Shares of NYSE:PCT traded up $1.82 on Thursday, hitting $12.86. The company had a trading volume of 2,958,560 shares, compared to its average volume of 2,260,054. The stock has a 50 day moving average price of $7.98 and a 200 day moving average price of $6.51. The company has a current ratio of 0.67, a quick ratio of 0.54 and a debt-to-equity ratio of 1.06. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of -11.73 and a beta of 1.63. PureCycle Technologies has a 1-year low of $2.38 and a 1-year high of $12.99.

PureCycle Technologies (NYSE:PCT) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.13). Analysts expect that PureCycle Technologies will post -0.85 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on PCT shares. Stifel Nicolaus upped their price target on PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Craig Hallum upped their target price on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a report on Friday, August 9th. TD Cowen upped their price target on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, Cantor Fitzgerald assumed coverage on shares of PureCycle Technologies in a research note on Friday, October 18th. They set an “overweight” rating and a $14.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, PureCycle Technologies has a consensus rating of “Hold” and a consensus price target of $8.20.

Insider Buying and Selling

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was bought at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the purchase, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 11.44% of the company’s stock.

Hedge Funds Weigh In On PureCycle Technologies

A number of hedge funds have recently bought and sold shares of the business. Longview Asset Management LLC acquired a new position in shares of PureCycle Technologies during the 2nd quarter worth approximately $57,521,000. Abundance Wealth Counselors increased its stake in PureCycle Technologies by 21.0% during the 1st quarter. Abundance Wealth Counselors now owns 6,782,137 shares of the company’s stock worth $42,185,000 after acquiring an additional 1,178,570 shares during the period. Van ECK Associates Corp acquired a new position in PureCycle Technologies in the 2nd quarter valued at $3,121,000. Sanctuary Advisors LLC bought a new stake in shares of PureCycle Technologies during the 2nd quarter valued at $689,000. Finally, Long Focus Capital Management LLC grew its holdings in shares of PureCycle Technologies by 3.2% during the 2nd quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company’s stock worth $14,230,000 after purchasing an additional 75,000 shares in the last quarter. 63.01% of the stock is owned by institutional investors.

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.