PureCycle Technologies (NASDAQ:PCT) Shares Down 6.4% – Here’s What Happened

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) were down 6.4% during mid-day trading on Friday . The company traded as low as $9.09 and last traded at $9.11. Approximately 432,746 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 1,482,789 shares. The stock had previously closed at $9.73.

Analysts Set New Price Targets

Several analysts have issued reports on PCT shares. Stifel Nicolaus upped their target price on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price target on shares of PureCycle Technologies in a research note on Tuesday, November 19th. Finally, TD Cowen lifted their price objective on shares of PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, November 20th.

PureCycle Technologies Stock Performance

The firm’s fifty day moving average price is $11.73 and its 200-day moving average price is $9.13. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -6.47 and a beta of 1.59.

Hedge Funds Weigh In On PureCycle Technologies

A number of hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its position in PureCycle Technologies by 15.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 448,088 shares of the company’s stock worth $2,653,000 after acquiring an additional 61,158 shares during the period. Rhumbline Advisers raised its holdings in PureCycle Technologies by 5.5% during the second quarter. Rhumbline Advisers now owns 186,984 shares of the company’s stock worth $1,107,000 after purchasing an additional 9,769 shares in the last quarter. Arizona State Retirement System lifted its position in PureCycle Technologies by 10.0% in the second quarter. Arizona State Retirement System now owns 32,225 shares of the company’s stock valued at $191,000 after purchasing an additional 2,918 shares during the period. American Century Companies Inc. increased its position in PureCycle Technologies by 37.4% during the 2nd quarter. American Century Companies Inc. now owns 198,218 shares of the company’s stock worth $1,173,000 after purchasing an additional 53,964 shares during the period. Finally, Hsbc Holdings PLC raised its stake in shares of PureCycle Technologies by 11.4% during the 2nd quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock worth $111,000 after buying an additional 1,910 shares in the last quarter. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

About PureCycle Technologies

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.