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

PureCycle Technologies, Inc. (NASDAQ:PCT)’s share price dropped 6.4% during trading on Friday . The stock traded as low as $9.09 and last traded at $9.11. Approximately 432,746 shares traded 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.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PCT. Stifel Nicolaus lifted their target price on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. TD Cowen increased 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. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $14.00 price target on shares of PureCycle Technologies in a research note on Tuesday, November 19th.

PureCycle Technologies Stock Performance

The firm has a market capitalization of $1.63 billion, a PE ratio of -6.25 and a beta of 1.59. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63. The business has a 50-day simple moving average of $11.80 and a 200-day simple moving average of $9.08.

Hedge Funds Weigh In On PureCycle Technologies

Large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp grew its stake in shares of PureCycle Technologies by 15.8% during the second quarter. Bank of New York Mellon Corp now owns 448,088 shares of the company’s stock valued at $2,653,000 after buying an additional 61,158 shares during the last quarter. Rhumbline Advisers increased its stake in PureCycle Technologies by 5.5% in 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 during the period. Arizona State Retirement System increased its stake in PureCycle Technologies by 10.0% in the second quarter. Arizona State Retirement System now owns 32,225 shares of the company’s stock worth $191,000 after purchasing an additional 2,918 shares during the period. American Century Companies Inc. lifted its position in shares of PureCycle Technologies by 37.4% during the second 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 last quarter. Finally, Hsbc Holdings PLC boosted its stake in shares of PureCycle Technologies by 11.4% during the second quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock valued at $111,000 after purchasing an additional 1,910 shares during the period. 63.01% of the stock is owned by hedge funds and other institutional investors.

PureCycle Technologies Company Profile

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.