PureCycle Technologies (NYSE:PCT) Stock Price Down 4.6%

PureCycle Technologies, Inc. (NYSE:PCT) dropped 4.6% during trading on Thursday . The stock traded as low as $5.52 and last traded at $5.56. Approximately 348,344 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 2,101,647 shares. The stock had previously closed at $5.83.

Analysts Set New Price Targets

Several brokerages have issued reports on PCT. Craig Hallum lifted their target price on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. TD Cowen increased their price objective on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, Stifel Nicolaus raised their target price on shares of PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, PureCycle Technologies presently has an average rating of “Hold” and an average target price of $6.75.

PureCycle Technologies Stock Performance

The stock has a market cap of $790.23 million, a price-to-earnings ratio of -4.71 and a beta of 1.60. The firm’s 50-day moving average price is $6.10 and its two-hundred day moving average price is $5.71. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67.

PureCycle Technologies (NYSE:PCT) last posted its earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.13). On average, analysts expect that PureCycle Technologies, Inc. will post -0.87 EPS for the current fiscal year.

Hedge Funds Weigh In On PureCycle Technologies

Several large investors have recently modified their holdings of PCT. Sanctuary Advisors LLC acquired a new position in shares of PureCycle Technologies in the 2nd quarter worth approximately $689,000. Algert Global LLC acquired a new position in PureCycle Technologies during the second quarter worth $69,000. Long Focus Capital Management LLC boosted its position in shares of PureCycle Technologies by 3.2% during the second quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company’s stock worth $14,230,000 after buying an additional 75,000 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of PureCycle Technologies by 7.6% in the second quarter. The Manufacturers Life Insurance Company now owns 48,359 shares of the company’s stock valued at $286,000 after buying an additional 3,405 shares in the last quarter. Finally, Dark Forest Capital Management LP purchased a new stake in shares of PureCycle Technologies in the 2nd quarter valued at $224,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Company Profile

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.