PureCycle Technologies (NYSE:PCT) Sees Large Volume Increase

PureCycle Technologies, Inc. (NYSE:PCT) saw an uptick in trading volume on Thursday . 1,410,860 shares traded hands during trading, a decline of 34% from the previous session’s volume of 2,153,242 shares.The stock last traded at $7.89 and had previously closed at $6.76.

Wall Street Analyst Weigh In

Several research analysts have commented on PCT shares. TD Cowen raised their target price on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Stifel Nicolaus raised their price objective on shares of PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Finally, Craig Hallum increased their target price on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, PureCycle Technologies has a consensus rating of “Hold” and a consensus target price of $6.75.

PureCycle Technologies Trading Up 10.3 %

The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67. The stock has a market cap of $1.45 billion, a P/E ratio of -8.65 and a beta of 1.60. The stock has a 50-day moving average price of $6.20 and a 200-day moving average price of $5.75.

PureCycle Technologies (NYSE:PCT) last announced its earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.13). On average, equities research analysts expect that PureCycle Technologies, Inc. will post -0.87 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PCT. Sanctuary Advisors LLC purchased a new position in shares of PureCycle Technologies in the 2nd quarter worth about $689,000. Algert Global LLC purchased a new stake in PureCycle Technologies in the second quarter worth approximately $69,000. Long Focus Capital Management LLC grew its position in PureCycle Technologies by 3.2% during the second quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company’s stock valued at $14,230,000 after acquiring an additional 75,000 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of PureCycle Technologies by 7.6% during the second quarter. The Manufacturers Life Insurance Company now owns 48,359 shares of the company’s stock worth $286,000 after acquiring an additional 3,405 shares in the last quarter. Finally, Dark Forest Capital Management LP bought a new stake in shares of PureCycle Technologies in the 2nd quarter worth approximately $224,000. Institutional investors 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.