PureCycle Technologies (NYSE:PCT) Reaches New 1-Year Low at $7.93

Shares of PureCycle Technologies, Inc. (NYSE:PCT) hit a new 52-week low on Friday . The company traded as low as $7.93 and last traded at $7.95, with a volume of 29874 shares trading hands. The stock had previously closed at $8.13.

A number of brokerages have recently weighed in on PCT. Zacks Investment Research upgraded PureCycle Technologies from a “hold” rating to a “buy” rating and set a $9.75 price target on the stock in a report on Thursday. Craig Hallum lowered their price target on PureCycle Technologies from $48.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, November 12th. Finally, Cowen began coverage on PureCycle Technologies in a report on Thursday, September 23rd. They set an “outperform” rating and a $31.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, PureCycle Technologies currently has a consensus rating of “Buy” and an average price target of $27.82.

The company has a current ratio of 4.13, a quick ratio of 4.13 and a debt-to-equity ratio of 0.88. The business has a 50-day moving average of $10.69 and a 200-day moving average of $13.87.

PureCycle Technologies (NYSE:PCT) last announced its quarterly earnings results on Thursday, November 11th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.05). Equities analysts forecast that PureCycle Technologies, Inc. will post -0.42 EPS for the current year.

In related news, Director Fernando Musa purchased 10,000 shares of PureCycle Technologies stock in a transaction on Monday, November 15th. The stock was bought at an average price of $10.00 per share, with a total value of $100,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Several institutional investors have recently bought and sold shares of the company. Hudson Bay Capital Management LP increased its stake in shares of PureCycle Technologies by 895.9% in the third quarter. Hudson Bay Capital Management LP now owns 156,399 shares of the company’s stock worth $2,077,000 after purchasing an additional 140,695 shares during the period. Moors & Cabot Inc. bought a new position in shares of PureCycle Technologies in the third quarter worth about $101,000. Bank of New York Mellon Corp increased its stake in PureCycle Technologies by 16.9% during the third quarter. Bank of New York Mellon Corp now owns 133,878 shares of the company’s stock valued at $1,778,000 after acquiring an additional 19,306 shares during the period. Wealthsource Partners LLC bought a new position in PureCycle Technologies during the third quarter valued at about $1,367,000. Finally, Sylebra Capital Ltd increased its stake in PureCycle Technologies by 2.6% during the third quarter. Sylebra Capital Ltd now owns 17,787,099 shares of the company’s stock valued at $236,213,000 after acquiring an additional 443,646 shares during the period. Institutional investors and hedge funds own 44.10% of the company’s stock.

About PureCycle Technologies (NYSE:PCT)

PureCycle Technologies LLC produces recycled polypropylene. It uses a recycling process that separates color, odor, and contaminants from plastic waste feedstock into recycled polypropylene. Its recycling service converts waste plastic into virgin-like plastic. The company was founded in 2015 and is based in Orlando, Florida.

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