PureCycle Technologies (NASDAQ:PCTTW) Shares Climb 11.5% – Still a Buy?

PureCycle Technologies, Inc. (NASDAQ:PCTTW) shares rose 11.5% during trading on Tuesday. The stock traded as high as $0.30 and last traded at $0.29. Approximately 1,101 shares were traded during mid-day trading, a decline of 95% from the average session volume of 20,160 shares. The stock had previously closed at $0.26.

PureCycle Technologies Stock Performance

The company has a 50 day simple moving average of $0.84 and a two-hundred day simple moving average of $1.49.

Hedge Funds Weigh In On PureCycle Technologies

Large investors have recently modified their holdings of the stock. HighTower Advisors LLC bought a new stake in PureCycle Technologies in the second quarter worth $3,297,000. State Street Corp bought a new position in PureCycle Technologies during the second quarter valued at $27,020,000. Alyeska Investment Group L.P. bought a new position in PureCycle Technologies during the second quarter valued at $46,295,000. Bluefin Capital Management LLC bought a new position in PureCycle Technologies during the second quarter valued at $408,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of PureCycle Technologies in the second quarter valued at $103,000.

About PureCycle Technologies

PureCycle Technologies, Inc. develops and commercializes technology for recycling polypropylene, a plastic used in products such as packaging, containers, and consumer goods. The company’s process is designed to purify hard-to-recycle polypropylene waste and produce recycled resin with properties intended to resemble those of virgin polypropylene. PureCycle’s solvent-based process separates polypropylene from color, odor, and other contaminants while preserving the material for reuse. The resulting recycled resin is intended for use in a range of applications, including those that require consistent material quality.