PureCycle Technologies (NASDAQ:PCT) Shares Up 5.7% – Here’s Why

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) shot up 5.7% on Wednesday . The company traded as high as $9.30 and last traded at $8.98. 622,340 shares were traded during mid-day trading, a decline of 67% from the average session volume of 1,888,478 shares. The stock had previously closed at $8.49.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PCT. TD Cowen raised their target price on PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Stifel Nicolaus lifted their price target on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $14.00 target price on shares of PureCycle Technologies in a research report on Tuesday, November 19th.

PureCycle Technologies Trading Up 5.4 %

The stock has a market capitalization of $1.55 billion, a P/E ratio of -5.96 and a beta of 1.58. The firm’s 50 day moving average price is $10.80 and its 200 day moving average price is $9.61. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63.

Hedge Funds Weigh In On PureCycle Technologies

Several large investors have recently added to or reduced their stakes in PCT. Proficio Capital Partners LLC bought a new position in PureCycle Technologies during the fourth quarter valued at $127,000. Bank of New York Mellon Corp lifted its position in shares of PureCycle Technologies by 3.7% during the fourth quarter. Bank of New York Mellon Corp now owns 359,032 shares of the company’s stock valued at $3,680,000 after buying an additional 12,878 shares during the last quarter. Pine Valley Investments Ltd Liability Co lifted its position in shares of PureCycle Technologies by 13.8% during the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 18,390 shares of the company’s stock valued at $188,000 after buying an additional 2,230 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of PureCycle Technologies by 20.8% in the 4th quarter. New York State Common Retirement Fund now owns 32,580 shares of the company’s stock valued at $334,000 after purchasing an additional 5,600 shares during the last quarter. Finally, Fortis Group Advisors LLC raised its position in shares of PureCycle Technologies by 159.1% in the 4th quarter. Fortis Group Advisors LLC now owns 32,025 shares of the company’s stock valued at $328,000 after purchasing an additional 19,666 shares during the last quarter. Hedge funds and other 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.