Key Highlights

  • PureCycle (PCT) has 28.0% of its float sold short with 18.0 days to cover, among the longest cover times of any heavily shorted stock right now.
  • PCT hit a 52-week low of $4.92 and is down 45.7% year-to-date.
  • Q2 Revenue of $4.51 million missed the $6.1 million consensus.

PureCycle Technologies (NASDAQ:PCT) hit a 52-week low of $4.92, then rose 1.9% to $4.95 in pre-market trading. With 28% of its float sold short and 18 days needed to cover, the plastic recycling company has one of the more crowded short positions among small-cap industrials, and a revenue miss alongside heavy losses explains why bears remain dug in.

PureCycle Technologies' short interest stands at 28 percent of the float, with 18 days needed to cover, among the longest cover times in this batch. Days to cover is how long it would take short sellers to buy back their shares at normal volume. At 18 days, exiting quickly is nearly impossible, so a sudden positive catalyst could spark a violent squeeze.

PureCycle uses a patented process to turn used polypropylene plastic into near-virgin resin. It launched a SnapPack container with IPL Schoeller in August, but production has ramped slowly, Q2 revenue missed forecasts and Cantor cut its target to $12. Trailing losses total about $233 million.

PureCycle (PCT) Trades at the Lows

Trading activity exceeded a typical full session as the stock hit its 52-week low. The market Capitalization is about $976 million to $1.12 billion, and the 52-week range is $4.92 to $15.49. PureCycle has 174 employees.

PCT Technical Levels

PCT trades below its key moving averages, confirming a downtrend. The $4.92 low is now the line in the sand: holding it could invite bottom-fishing and short covering, while a break lower would extend the slide.

Analyst View

Analysts rate PCT a Buy with an average target near $10.60, more than double the current price.