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PureCycle Technologies (NASDAQ:PCT) Shares Down 6.4% - What's Next?

PureCycle Technologies logo with Business Services background

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report)'s stock price was down 6.4% during mid-day trading on Friday . The company traded as low as $9.09 and last traded at $9.11. Approximately 432,746 shares changed hands during trading, a decline of 71% from the average daily volume of 1,482,789 shares. The stock had previously closed at $9.73.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PCT shares. Stifel Nicolaus boosted their price target on shares of PureCycle Technologies from $8.00 to $15.00 and gave the stock a "buy" rating in a research note on Tuesday, November 12th. Cantor Fitzgerald reiterated an "overweight" rating and set a $14.00 price target on shares of PureCycle Technologies in a research note on Tuesday, November 19th. Finally, TD Cowen boosted their price target on shares of PureCycle Technologies from $10.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th.

Check Out Our Latest Report on PCT

PureCycle Technologies Stock Performance

The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -6.47 and a beta of 1.59. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. The stock has a 50-day moving average price of $11.80 and a 200 day moving average price of $9.08.

Hedge Funds Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCT. Algert Global LLC acquired a new position in PureCycle Technologies in the second quarter valued at approximately $69,000. Park Edge Advisors LLC acquired a new position in PureCycle Technologies in the third quarter valued at approximately $100,000. Hsbc Holdings PLC boosted its holdings in PureCycle Technologies by 11.4% in the second quarter. Hsbc Holdings PLC now owns 18,619 shares of the company's stock valued at $111,000 after purchasing an additional 1,910 shares in the last quarter. Fortis Group Advisors LLC boosted its holdings in PureCycle Technologies by 12.5% in the third quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company's stock valued at $117,000 after purchasing an additional 1,376 shares in the last quarter. Finally, Prospera Private Wealth LLC boosted its holdings in PureCycle Technologies by 35.9% in the third quarter. Prospera Private Wealth LLC now owns 15,436 shares of the company's stock valued at $147,000 after purchasing an additional 4,080 shares in the last quarter. 63.01% of the stock is owned by institutional investors and hedge funds.

PureCycle Technologies Company Profile

(Get Free Report)

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.

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