PureCycle Technologies (NYSE:PCT) Shares Down 4.4%

PureCycle Technologies, Inc. (NYSE:PCTGet Rating)’s stock price traded down 4.4% during mid-day trading on Friday . The company traded as low as $7.31 and last traded at $7.40. 1,635 shares traded hands during trading, a decline of 100% from the average session volume of 1,144,931 shares. The stock had previously closed at $7.74.

Analyst Ratings Changes

Separately, Cowen reduced their target price on PureCycle Technologies from $15.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, November 11th.

PureCycle Technologies Trading Down 1.0 %

The company has a market capitalization of $1.25 billion, a P/E ratio of -12.16 and a beta of 0.74. The company has a debt-to-equity ratio of 0.45, a quick ratio of 7.01 and a current ratio of 7.01. The company has a 50-day simple moving average of $6.64 and a 200 day simple moving average of $7.79.

PureCycle Technologies (NYSE:PCTGet Rating) last issued its quarterly earnings results on Wednesday, November 9th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.09). Sell-side analysts expect that PureCycle Technologies, Inc. will post -0.59 earnings per share for the current year.

Institutional Investors Weigh In On PureCycle Technologies

Several hedge funds have recently added to or reduced their stakes in PCT. Capital Investment Advisors LLC grew its position in PureCycle Technologies by 53.4% in the fourth quarter. Capital Investment Advisors LLC now owns 30,150 shares of the company’s stock valued at $204,000 after acquiring an additional 10,500 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of PureCycle Technologies by 14.9% during the third quarter. Bank of New York Mellon Corp now owns 363,473 shares of the company’s stock valued at $2,933,000 after acquiring an additional 47,232 shares in the last quarter. Balyasny Asset Management LLC increased its holdings in shares of PureCycle Technologies by 30.7% during the third quarter. Balyasny Asset Management LLC now owns 1,899,345 shares of the company’s stock valued at $15,328,000 after acquiring an additional 445,598 shares in the last quarter. Drive Wealth Management LLC bought a new stake in PureCycle Technologies during the third quarter worth $565,000. Finally, BNP Paribas Arbitrage SNC bought a new position in PureCycle Technologies in the 3rd quarter valued at $512,000. Institutional investors and hedge funds own 83.82% of the company’s stock.

PureCycle Technologies Company Profile

(Get Rating)

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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