PureCycle Technologies, Inc. (NASDAQ:PCTTU) Stock Short Interest Declines 92.4%

PureCycle Technologies, Inc. (NASDAQ:PCTTU) was the target of a large decline in short interest during the month of October. As of October 15th, there was short interest totaling 22 shares, a decline of 92.4% from the September 30th total of 290 shares. Based on an average daily trading volume, of 524 shares, the days-to-cover ratio is currently 0.0 days.

PureCycle Technologies Trading Down 9.3%

Shares of PCTTU stock traded down $0.31 during trading hours on Monday, hitting $3.03. 3,315 shares of the company were exchanged, compared to its average volume of 1,197. The firm has a fifty day moving average of $7.66 and a 200 day moving average of $9.27. PureCycle Technologies has a 1 year low of $3.03 and a 1 year high of $16.50.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of PureCycle Technologies in a research report on Wednesday, August 26th. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the stock presently has an average rating of “Sell”.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc is a plastics recycling company focused on converting post-consumer and post-industrial polypropylene waste into recycled resin. The company’s process is designed to remove color, odor and other contaminants from used polypropylene, producing a material intended to have properties comparable to virgin polypropylene.

PureCycle’s technology was originally developed by The Procter & Gamble Company, which granted the company a license to commercialize the process.