PureCycle Technologies (NASDAQ:PCT) Stock Price Down 4.5% – Here’s Why

PureCycle Technologies, Inc. (NASDAQ:PCT)’s share price was down 4.5% during trading on Tuesday . The company traded as low as $8.70 and last traded at $8.55. Approximately 862,231 shares changed hands during trading, a decline of 53% from the average daily volume of 1,841,942 shares. The stock had previously closed at $8.95.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Stifel Nicolaus raised 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. TD Cowen boosted their price target on PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price target on shares of PureCycle Technologies in a report on Tuesday, November 19th.

PureCycle Technologies Price Performance

The company has a market cap of $1.47 billion, a P/E ratio of -5.66 and a beta of 1.58. The company’s 50-day moving average price is $10.90 and its two-hundred day moving average price is $9.59. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36.

Hedge Funds Weigh In On PureCycle Technologies

A number of large investors have recently bought and sold shares of the business. Park Edge Advisors LLC bought a new position in shares of PureCycle Technologies in the third quarter worth $100,000. Keudell Morrison Wealth Management acquired a new position in shares of PureCycle Technologies in the fourth quarter worth about $117,000. Algert Global LLC purchased a new stake in PureCycle Technologies in the 2nd quarter worth about $69,000. Fortis Group Advisors LLC boosted its stake in shares of PureCycle Technologies by 12.5% during the 3rd quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock valued at $117,000 after buying an additional 1,376 shares during the period. Finally, Truist Financial Corp acquired a new position in PureCycle Technologies in the 4th quarter worth about $145,000. Institutional investors own 63.01% of the company’s stock.

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.