PureCycle Technologies (NASDAQ:PCT) Stock Price Up 5.7% - Here's Why

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) rose 5.7% on Wednesday . The stock traded as high as $9.30 and last traded at $8.98. Approximately 622,340 shares changed hands during trading, a decline of 67% from the average daily volume of 1,888,478 shares. The stock had previously closed at $8.49.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $14.00 price objective on shares of PureCycle Technologies in a research note on Tuesday, November 19th. TD Cowen lifted 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. Finally, Stifel Nicolaus increased their price objective on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday, November 12th.

PureCycle Technologies Trading Up 0.5 %

The business has a fifty day moving average price of $10.53 and a 200 day moving average price of $9.63. The firm has a market cap of $1.50 billion, a PE ratio of -5.77 and a beta of 1.58. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36.

Institutional Investors Weigh In On PureCycle Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of PCT. Sylebra Capital LLC increased its holdings in shares of PureCycle Technologies by 14.6% in the 3rd quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company's stock valued at $317,848,000 after acquiring an additional 4,264,393 shares during the period. Appian Way Asset Management LP increased its stake in PureCycle Technologies by 12.9% in the third quarter. Appian Way Asset Management LP now owns 5,674,168 shares of the company's stock valued at $53,905,000 after purchasing an additional 650,426 shares during the period. Gladstone Institutional Advisory LLC raised its holdings in shares of PureCycle Technologies by 3.7% in the fourth quarter. Gladstone Institutional Advisory LLC now owns 3,462,652 shares of the company's stock valued at $35,492,000 after buying an additional 122,700 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of PureCycle Technologies by 3.0% in the third quarter. Geode Capital Management LLC now owns 3,124,445 shares of the company's stock valued at $29,688,000 after buying an additional 92,469 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of PureCycle Technologies by 0.8% during the third quarter. State Street Corp now owns 2,809,178 shares of the company's stock worth $26,687,000 after buying an additional 21,706 shares during the period. 63.01% of the stock is currently owned by institutional investors and hedge funds.

PureCycle Technologies Company Profile

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.