PureCycle Technologies (NYSE:PCT) Shares Up 6.4%

PureCycle Technologies, Inc. (NYSE:PCT)’s share price was up 6.4% during mid-day trading on Wednesday . The stock traded as high as $24.89 and last traded at $24.79. Approximately 13,314 shares were traded during mid-day trading, a decline of 99% from the average daily volume of 1,033,486 shares. The stock had previously closed at $23.29.

PCT has been the topic of a number of recent analyst reports. Oppenheimer initiated coverage on PureCycle Technologies in a report on Monday, May 24th. They set an “outperform” rating and a $24.00 target price on the stock. Roth Capital started coverage on PureCycle Technologies in a research report on Wednesday, April 21st. They set a “buy” rating and a $45.00 price target on the stock. Craig Hallum initiated coverage on PureCycle Technologies in a research report on Thursday, March 18th. They set a “buy” rating on the stock. Finally, Alembic Global Advisors started coverage on PureCycle Technologies in a research note on Monday, June 7th. They set an “overweight” rating and a $30.00 target price for the company.

The company’s 50 day moving average price is $20.28. The company has a quick ratio of 8.47, a current ratio of 8.47 and a debt-to-equity ratio of 0.85.

In other news, CFO Michael E. Dee purchased 2,936 shares of the company’s stock in a transaction on Thursday, May 27th. The stock was purchased at an average price of $17.03 per share, with a total value of $50,000.08. Following the completion of the purchase, the chief financial officer now directly owns 2,936 shares in the company, valued at approximately $50,000.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Melissa Westerman purchased 11,400 shares of the company’s stock in a transaction on Monday, May 24th. The shares were purchased at an average cost of $17.47 per share, with a total value of $199,158.00. The disclosure for this purchase can be found here.

Large investors have recently made changes to their positions in the stock. James Investment Research Inc. bought a new stake in PureCycle Technologies during the 1st quarter valued at approximately $80,000. Penserra Capital Management LLC purchased a new stake in PureCycle Technologies during the 1st quarter valued at $100,000. International Assets Investment Management LLC purchased a new stake in PureCycle Technologies during the 1st quarter valued at $133,000. Cubist Systematic Strategies LLC purchased a new stake in PureCycle Technologies during the 1st quarter valued at $148,000. Finally, Focused Wealth Management Inc purchased a new stake in PureCycle Technologies during the 1st quarter valued at $172,000. Institutional investors own 26.32% of the company’s stock.

PureCycle Technologies Company Profile (NYSE:PCT)

PureCycle Technologies LLC produces recycled polypropylene. It uses a recycling process that separates color, odor, and contaminants from plastic waste feedstock into recycled polypropylene. Its recycling service converts waste plastic into virgin-like plastic. The company was founded in 2015 and is based in Orlando, Florida.

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