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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