PureCycle Technologies (NYSE:PCT) Shares Gap Up to $4.77

Shares of PureCycle Technologies, Inc. (NYSE:PCT – Get Rating) gapped up before the market opened on Thursday . The stock had previously closed at $4.77, but opened at $5.42. PureCycle Technologies shares last traded at $6.32, with a volume of 6,863,977 shares traded.

Wall Street Analysts Forecast Growth

Separately, Oppenheimer lowered their target price on shares of PureCycle Technologies from $14.00 to $10.00 and set an “outperform” rating for the company in a research note on Friday.

PureCycle Technologies Price Performance

The firm has a market cap of $1.02 billion, a price-to-earnings ratio of -9.90 and a beta of 0.94. The company has a quick ratio of 7.01, a current ratio of 7.01 and a debt-to-equity ratio of 0.45. The company’s 50-day moving average price is $7.15 and its 200-day moving average price is $7.49.

Institutional Trading of PureCycle Technologies

Several hedge funds have recently made changes to their positions in the business. Moneta Group Investment Advisors LLC lifted its position in shares of PureCycle Technologies by 14.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 45,371 shares of the company’s stock worth $307,000 after purchasing an additional 5,594 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of PureCycle Technologies by 1,171.5% during the fourth quarter. Alliancebernstein L.P. now owns 1,378,520 shares of the company’s stock worth $9,319,000 after purchasing an additional 1,270,100 shares in the last quarter. Bridgefront Capital LLC acquired a new stake in shares of PureCycle Technologies during the fourth quarter worth about $109,000. State of Wisconsin Investment Board lifted its position in shares of PureCycle Technologies by 141.5% during the fourth quarter. State of Wisconsin Investment Board now owns 119,194 shares of the company’s stock worth $806,000 after purchasing an additional 69,848 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its holdings in PureCycle Technologies by 283.3% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 151,422 shares of the company’s stock valued at $1,024,000 after acquiring an additional 111,922 shares in the last quarter. Institutional investors and hedge funds own 83.82% of the company’s stock.

About PureCycle Technologies

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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.