PureCycle Technologies (NASDAQ:PCTTW) Trading 28.5% Higher – Should You Buy?

Shares of PureCycle Technologies, Inc. (NASDAQ:PCTTW) shot up 28.5% during trading on Wednesday . The stock traded as high as $2.57 and last traded at $2.57. 556 shares changed hands during trading, a decline of 98% from the average daily volume of 22,881 shares. The stock had previously closed at $2.00.

PureCycle Technologies Price Performance

The stock has a 50 day simple moving average of $2.15 and a 200-day simple moving average of $1.75.

Hedge Funds Weigh In On PureCycle Technologies

Several hedge funds have recently modified their holdings of PCTTW. Sigma Planning Corp bought a new stake in PureCycle Technologies in the 2nd quarter worth approximately $87,000. Hsbc Holdings PLC purchased a new stake in PureCycle Technologies during the 2nd quarter valued at $103,000. Two Sigma Securities LLC bought a new stake in PureCycle Technologies in the second quarter worth $122,000. Bluefin Capital Management LLC purchased a new position in PureCycle Technologies during the second quarter worth $408,000. Finally, Moore Capital Management LP bought a new position in PureCycle Technologies during the second quarter valued at $608,000.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc is a sustainable materials company that develops and licenses patented recycling technology designed to restore post‐consumer polypropylene waste to virgin‐like quality. The company’s core business activity centers on an innovative solvent‐based purification process, which removes contaminants and impurities from recycled polypropylene feedstock. This approach yields a product known as PureCycle Resin, a recycled polymer suitable for use in food‐grade packaging, consumer goods, automotive components, and other applications that traditionally rely on virgin plastics.

PureCycle offers both proprietary technology licensing and finished‐resin sales.