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

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price dropped 4.5% during mid-day trading on Tuesday . The stock traded as low as $8.70 and last traded at $8.55. Approximately 862,231 shares changed hands during mid-day 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

A number of research firms recently weighed in on PCT. Stifel Nicolaus increased their price objective on shares of PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. TD Cowen raised their price target on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 price objective on shares of PureCycle Technologies in a report on Tuesday, November 19th.

PureCycle Technologies Stock Down 5.1 %

The firm has a market capitalization of $1.47 billion, a PE ratio of -5.66 and a beta of 1.58. The business’s fifty day moving average price is $10.90 and its 200 day moving average price is $9.59. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36.

Hedge Funds Weigh In On PureCycle Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCT. Algert Global LLC acquired a new position in PureCycle Technologies during the second quarter worth $69,000. Park Edge Advisors LLC purchased a new stake in shares of PureCycle Technologies in the 3rd quarter worth about $100,000. Hsbc Holdings PLC boosted its position in shares of PureCycle Technologies by 11.4% in 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. Fortis Group Advisors LLC grew its stake in PureCycle Technologies by 12.5% in the 3rd quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock valued at $117,000 after acquiring an additional 1,376 shares during the last quarter. Finally, Keudell Morrison Wealth Management purchased a new position in PureCycle Technologies during the 4th quarter valued at about $117,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

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.