PureCycle Technologies, Inc. (NYSE:PCT – Get Free Report) was the recipient of some unusual options trading on Wednesday. Stock traders bought 11,102 call options on the company. This represents an increase of 87% compared to the typical daily volume of 5,925 call options.
Analyst Upgrades and Downgrades
PCT has been the subject of a number of research analyst reports. TD Cowen increased their price objective on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Stifel Nicolaus lifted their price objective on shares of PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Finally, Craig Hallum increased their target price on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $6.75.
Read Our Latest Stock Analysis on PureCycle Technologies
PureCycle Technologies Stock Performance
PureCycle Technologies (NYSE:PCT – Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.13). Equities analysts predict that PureCycle Technologies will post -0.87 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in PCT. Sanctuary Advisors LLC purchased a new stake in shares of PureCycle Technologies in the second quarter valued at about $689,000. Algert Global LLC acquired a new position in shares of PureCycle Technologies in the 2nd quarter valued at $69,000. Long Focus Capital Management LLC grew its position in PureCycle Technologies by 3.2% during the second quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company’s stock valued at $14,230,000 after acquiring an additional 75,000 shares during the period. The Manufacturers Life Insurance Company increased its position in PureCycle Technologies by 7.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,359 shares of the company’s stock worth $286,000 after purchasing an additional 3,405 shares in the last quarter. Finally, Dark Forest Capital Management LP purchased a new position in shares of PureCycle Technologies in the 2nd quarter valued at $224,000. 63.01% of the stock is owned by hedge funds and other institutional investors.
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.
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