PureCycle Technologies (NYSE:PCT) Stock Price Up 8.1%

PureCycle Technologies, Inc. (NYSE:PCT) shares traded up 8.1% during mid-day trading on Thursday . The stock traded as high as $5.14 and last traded at $5.05. 708,147 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 2,476,595 shares. The stock had previously closed at $4.67.

Wall Street Analyst Weigh In

Separately, Craig Hallum downgraded shares of PureCycle Technologies from a “buy” rating to a “hold” rating and set a $4.00 price objective on the stock. in a research note on Wednesday, January 3rd. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, PureCycle Technologies presently has an average rating of “Hold” and a consensus price target of $7.75.

PureCycle Technologies Trading Up 12.2 %

The company has a current ratio of 2.92, a quick ratio of 2.92 and a debt-to-equity ratio of 1.21. The company has a market cap of $861.67 million, a price-to-earnings ratio of -7.95 and a beta of 1.60. The firm has a 50-day moving average price of $5.52 and a 200 day moving average price of $4.60.

PureCycle Technologies (NYSE:PCT) last announced its quarterly earnings data on Tuesday, March 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.08. As a group, sell-side analysts forecast that PureCycle Technologies, Inc. will post -0.53 EPS for the current year.

Insider Activity at PureCycle Technologies

In related news, Director Fernando Musa purchased 18,303 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The shares were acquired at an average price of $5.46 per share, with a total value of $99,934.38. Following the acquisition, the director now owns 68,413 shares in the company, valued at approximately $373,534.98. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 11.44% of the company’s stock.

Institutional Trading of PureCycle Technologies

A number of large investors have recently modified their holdings of PCT. Almanack Investment Partners LLC. increased its stake in shares of PureCycle Technologies by 59.1% in the first quarter. Almanack Investment Partners LLC. now owns 41,310 shares of the company’s stock valued at $257,000 after purchasing an additional 15,341 shares during the period. Fortis Group Advisors LLC acquired a new stake in PureCycle Technologies in the 1st quarter valued at approximately $67,000. Drive Wealth Management LLC bought a new stake in PureCycle Technologies during the 1st quarter valued at $78,000. Abundance Wealth Counselors boosted its position in PureCycle Technologies by 21.0% during the 1st quarter. Abundance Wealth Counselors now owns 6,782,137 shares of the company’s stock worth $42,185,000 after acquiring an additional 1,178,570 shares during the period. Finally, Virtu Financial LLC bought a new position in shares of PureCycle Technologies in the fourth quarter worth $202,000. Institutional investors and hedge funds 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.