PureCycle Technologies (NASDAQ:PCT) Stock Price Down 6.4% – Here’s Why

PureCycle Technologies, Inc. (NASDAQ:PCT) was down 6.4% during trading on Friday . The company traded as low as $9.09 and last traded at $9.11. Approximately 432,746 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 1,482,789 shares. The stock had previously closed at $9.73.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 target price on shares of PureCycle Technologies in a report on Tuesday, November 19th. Stifel Nicolaus increased their target price on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Finally, TD Cowen upped their price objective on PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th.

PureCycle Technologies Stock Performance

The stock’s 50 day moving average price is $11.73 and its 200 day moving average price is $9.13. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36. The company has a market cap of $1.68 billion, a price-to-earnings ratio of -6.47 and a beta of 1.59.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sylebra Capital LLC grew its holdings in shares of PureCycle Technologies by 14.6% during the 3rd quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock worth $317,848,000 after purchasing an additional 4,264,393 shares during the period. Verus Capital Partners LLC boosted its position in PureCycle Technologies by 465.8% during the 3rd quarter. Verus Capital Partners LLC now owns 127,540 shares of the company’s stock worth $1,212,000 after purchasing an additional 105,000 shares during the period. IHT Wealth Management LLC purchased a new position in PureCycle Technologies in the third quarter valued at about $485,000. Ensign Peak Advisors Inc purchased a new stake in shares of PureCycle Technologies in the second quarter worth about $311,000. Finally, Simplify Asset Management Inc. raised its holdings in shares of PureCycle Technologies by 67.4% during the 3rd quarter. Simplify Asset Management Inc. now owns 1,772,056 shares of the company’s stock valued at $16,835,000 after buying an additional 713,664 shares during the period. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Company Profile

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.