PureCycle Technologies (NYSE:PCT) Shares Up 3.6%

PureCycle Technologies, Inc. (NYSE:PCT – Get Rating)’s stock price shot up 3.6% during mid-day trading on Monday . The stock traded as high as $8.96 and last traded at $8.85. 22,886 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 1,149,253 shares. The stock had previously closed at $8.54.

Several brokerages recently issued reports on PCT. Oppenheimer reiterated a “buy” rating and issued a $16.00 target price on shares of PureCycle Technologies in a research note on Thursday. Zacks Investment Research downgraded shares of PureCycle Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, January 18th. Finally, Craig Hallum cut their target price on shares of PureCycle Technologies from $26.00 to $18.00 in a research note on Thursday, March 10th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $24.96.

The stock has a 50-day moving average of $7.56. The company has a debt-to-equity ratio of 0.61, a quick ratio of 8.98 and a current ratio of 8.98.

In other PureCycle Technologies news, Director Jeffrey Richard Fieler bought 714,284 shares of the stock in a transaction dated Thursday, March 17th. The shares were bought at an average cost of $7.00 per share, with a total value of $4,999,988.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Otworth bought 142,856 shares of the stock in a transaction dated Thursday, March 17th. The shares were acquired at an average cost of $7.00 per share, for a total transaction of $999,992.00. The disclosure for this purchase can be found here. Company insiders own 11.10% of the company’s stock.

A number of large investors have recently made changes to their positions in PCT. Invesco Ltd. bought a new position in PureCycle Technologies in the second quarter valued at approximately $209,000. Wells Fargo & Company MN boosted its position in PureCycle Technologies by 2,225.6% in the second quarter. Wells Fargo & Company MN now owns 40,581 shares of the company’s stock valued at $959,000 after buying an additional 38,836 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in PureCycle Technologies in the third quarter valued at approximately $220,000. Commonwealth Equity Services LLC boosted its position in PureCycle Technologies by 15.3% in the third quarter. Commonwealth Equity Services LLC now owns 18,864 shares of the company’s stock valued at $250,000 after buying an additional 2,501 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in PureCycle Technologies by 18.6% in the third quarter. Janney Montgomery Scott LLC now owns 55,321 shares of the company’s stock valued at $735,000 after buying an additional 8,687 shares in the last quarter. 43.92% of the stock is currently owned by institutional investors and hedge funds.

About PureCycle Technologies (NYSE:PCT)

PureCycle Technologies, Inc produces recycled polypropylene (PP). The company holds a license for restoring waste PP into virgin-like resin. Its proprietary process removes color, odor, and other contaminants from recycled feedstock to produce recycled PP. The company was founded in 2015 and is based in Orlando, Florida.

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