PureCycle Technologies (NYSE:PCT) Stock Price Down 3.4%

PureCycle Technologies, Inc. (NYSE:PCT) traded down 3.4% during mid-day trading on Friday . The stock traded as low as $5.62 and last traded at $5.64. 456,994 shares were traded during trading, a decline of 79% from the average session volume of 2,175,418 shares. The stock had previously closed at $5.84.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Stifel Nicolaus boosted their target price on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday. Craig Hallum upped their target price on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Finally, TD Cowen upped their target price on PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, PureCycle Technologies currently has a consensus rating of “Hold” and an average target price of $6.75.

PureCycle Technologies Trading Down 3.4 %

The company has a current ratio of 0.67, a quick ratio of 0.54 and a debt-to-equity ratio of 1.06. The business has a 50 day moving average of $6.13 and a 200-day moving average of $5.59. The stock has a market cap of $928.52 million, a PE ratio of -5.80 and a beta of 1.62.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Forum Financial Management LP raised its holdings in PureCycle Technologies by 170.0% in the 4th quarter. Forum Financial Management LP now owns 270,000 shares of the company’s stock valued at $1,094,000 after acquiring an additional 170,000 shares during the last quarter. SWS Partners raised its holdings in PureCycle Technologies by 40.9% in the 4th quarter. SWS Partners now owns 877,924 shares of the company’s stock valued at $3,556,000 after acquiring an additional 255,019 shares during the last quarter. Sierra Summit Advisors LLC acquired a new position in PureCycle Technologies in the 4th quarter valued at $964,000. Arizona State Retirement System raised its holdings in PureCycle Technologies by 16.3% in the 4th quarter. Arizona State Retirement System now owns 29,798 shares of the company’s stock valued at $121,000 after acquiring an additional 4,167 shares during the last quarter. Finally, Raymond James & Associates raised its holdings in PureCycle Technologies by 47.0% in the 4th quarter. Raymond James & Associates now owns 60,818 shares of the company’s stock valued at $246,000 after acquiring an additional 19,458 shares during the last quarter. 63.01% of the stock is currently owned by institutional investors and hedge funds.

About PureCycle Technologies

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.