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PureCycle Technologies (NYSE:PCT) Stock Price Up 2.7%

Financial News Live ·  Dec 28, 2022 13:21

PureCycle Technologies, Inc. (NYSE:PCT – Get Rating) rose 2.7% during trading on Wednesday . The stock traded as high as $6.53 and last traded at $6.51. Approximately 11,071 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 1,138,420 shares. The stock had previously closed at $6.34.

Analyst Upgrades and Downgrades

PCT has been the topic of several research reports. Cowen cut their target price on PureCycle Technologies from $15.00 to $11.00 and set an "outperform" rating on the stock in a research note on Friday, November 11th. Stifel Nicolaus assumed coverage on PureCycle Technologies in a research report on Thursday, September 15th. They set a "buy" rating and a $15.00 price target on the stock.

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PureCycle Technologies Trading Up 2.7 %

The company has a 50-day simple moving average of $6.96 and a two-hundred day simple moving average of $7.91. The company has a debt-to-equity ratio of 0.45, a quick ratio of 7.01 and a current ratio of 7.01.

PureCycle Technologies (NYSE:PCT – Get Rating) last posted its earnings results on Wednesday, November 9th. The company reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.09). Research analysts forecast that PureCycle Technologies, Inc. will post -0.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PCT. Tyler Stone Wealth Management boosted its stake in PureCycle Technologies by 8,544.0% in the 1st quarter. Tyler Stone Wealth Management now owns 8,644 shares of the company's stock valued at $69,000 after purchasing an additional 8,544 shares during the period. Amalgamated Bank bought a new stake in PureCycle Technologies in the 1st quarter valued at $70,000. Envestnet Asset Management Inc. bought a new stake in PureCycle Technologies in the 1st quarter valued at $81,000. Principal Financial Group Inc. bought a new stake in PureCycle Technologies in the 1st quarter valued at $83,000. Finally, Victory Capital Management Inc. bought a new stake in shares of PureCycle Technologies during the 3rd quarter valued at $97,000. 83.82% of the stock is owned by institutional investors and hedge funds.

PureCycle Technologies Company Profile

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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.

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