Why PureCycle Technologies Stock Jumped 14% in Early Trading Today
Shares of PureCycle Technologies (NASDAQ: PCT), which is working to build out a plastics recycling business, rose as much as 14% in morning trading on March 9. By roughly 11:30 a.m. ET the stock had pulled back and was clinging to about a 5% gain. The driver here was, sort of, its fourth-quarter 2021 earnings update.
PureCycle's news release covering its fourth-quarter 2021 performance didn't actually include any financial statements. These statements, which investors generally consider pretty important, will eventually show in a Securities and Exchange Commission (SEC) filing. Essentially, PureCycle, which is basically still trying to build out its recycling business, is probably bleeding cash and is likely to continue doing so until it can get its first recycling plant up and running. Which is why most of the quarterly update was spent on more positive things, like the progress the company is making on capital investments. To sum it up quickly, the company says it is still on track to open its first facility by the end of 2022 and expects to break ground on a second facility in late March.
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Source Fool.com
