PureCycle Technologies (NYSE:PCT) Stock Price Up 4%

Shares of PureCycle Technologies, Inc. (NYSE:PCT) rose 4% during trading on Thursday . The stock traded as high as $6.29 and last traded at $6.29. Approximately 112,249 shares were traded during trading, a decline of 96% from the average daily volume of 2,815,802 shares. The stock had previously closed at $6.05.

Wall Street Analysts Forecast Growth

PCT has been the topic of several research reports. Roth Mkm downgraded shares of PureCycle Technologies from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $6.00 to $3.00 in a research note on Tuesday, December 19th. Craig Hallum cut shares of PureCycle Technologies from a “buy” rating to a “hold” rating and set a $4.00 target price on the stock. in a report on Wednesday, January 3rd. Finally, Roth Capital cut shares of PureCycle Technologies from a “buy” rating to a “neutral” rating in a report on Tuesday, December 19th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $7.75.

PureCycle Technologies Trading Up 3.1 %

The firm has a market cap of $1.03 billion, a P/E ratio of -9.17 and a beta of 1.51. The firm’s fifty day moving average is $5.00 and its two-hundred day moving average is $4.69. The company has a quick ratio of 2.92, a current ratio of 2.92 and a debt-to-equity ratio of 1.21.

PureCycle Technologies (NYSE:PCT) last released its quarterly earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.08. Analysts predict that PureCycle Technologies, Inc. will post -0.53 earnings per share for the current fiscal year.

Insider Activity

In other PureCycle Technologies news, Director Fernando Musa bought 18,303 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were purchased at an average price of $5.46 per share, for a total transaction of $99,934.38. Following the acquisition, the director now owns 68,413 shares in the company, valued at approximately $373,534.98. The purchase was disclosed in a filing with the SEC, which is available at this link. Company insiders own 11.44% of the company’s stock.

Hedge Funds Weigh In On PureCycle Technologies

Several large investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. raised its position in shares of PureCycle Technologies by 20.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,595 shares of the company’s stock worth $103,000 after purchasing an additional 1,625 shares during the last quarter. Cetera Advisor Networks LLC raised its position in shares of PureCycle Technologies by 5.9% in the 1st quarter. Cetera Advisor Networks LLC now owns 34,163 shares of the company’s stock worth $273,000 after purchasing an additional 1,890 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of PureCycle Technologies by 18.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 14,679 shares of the company’s stock worth $103,000 after purchasing an additional 2,293 shares during the last quarter. Advisor Group Holdings Inc. raised its position in shares of PureCycle Technologies by 6.4% in the 4th quarter. Advisor Group Holdings Inc. now owns 42,658 shares of the company’s stock worth $288,000 after purchasing an additional 2,575 shares during the last quarter. Finally, ProShare Advisors LLC raised its position in shares of PureCycle Technologies by 20.8% in the 2nd quarter. ProShare Advisors LLC now owns 15,113 shares of the company’s stock worth $162,000 after purchasing an additional 2,605 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.