PureCycle Technologies (NYSE:PCT) Sees Unusually-High Trading Volume

Shares of PureCycle Technologies, Inc. (NYSE:PCTGet Rating) saw unusually-strong trading volume on Tuesday . Approximately 58,283 shares changed hands during mid-day trading, a decline of 95% from the previous session’s volume of 1,081,592 shares.The stock last traded at $6.17 and had previously closed at $6.09.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PCT shares. Stifel Nicolaus began coverage on shares of PureCycle Technologies in a report on Thursday, September 15th. They issued a “buy” rating and a $15.00 price target on the stock. Cowen lowered their target price on shares of PureCycle Technologies from $15.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, November 11th.

PureCycle Technologies Stock Performance

The company’s fifty day moving average price is $8.04 and its two-hundred day moving average price is $8.32. The company has a quick ratio of 7.01, a current ratio of 7.01 and a debt-to-equity ratio of 0.45.

Institutional Investors Weigh In On PureCycle Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. Balyasny Asset Management LLC grew its holdings in PureCycle Technologies by 30.7% during the 3rd quarter. Balyasny Asset Management LLC now owns 1,899,345 shares of the company’s stock worth $15,328,000 after acquiring an additional 445,598 shares during the last quarter. Drive Wealth Management LLC bought a new stake in PureCycle Technologies during the 3rd quarter worth about $565,000. BNP Paribas Arbitrage SNC bought a new stake in PureCycle Technologies during the 3rd quarter worth about $512,000. Alliancebernstein L.P. grew its holdings in PureCycle Technologies by 2.6% during the 3rd quarter. Alliancebernstein L.P. now owns 108,420 shares of the company’s stock worth $875,000 after acquiring an additional 2,720 shares during the last quarter. Finally, State Street Corp grew its holdings in PureCycle Technologies by 8.4% during the 3rd quarter. State Street Corp now owns 1,995,955 shares of the company’s stock worth $16,107,000 after acquiring an additional 155,394 shares during the last quarter. Institutional investors own 66.66% of the company’s stock.

PureCycle Technologies Company Profile

(Get Rating)

PureCycle Technologies, Inc produces recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled resin. Its recycling process separates color, odor, and other contaminants from plastic waste feedstock to transform it into virgin-like resin. The company was founded in 2015 and is headquartered in Orlando, Florida.

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