PureCycle Technologies, Inc. (NYSE:PCT – Get Free Report) traded down 8.3% during mid-day trading on Monday . The company traded as low as $6.25 and last traded at $6.45. 1,180,198 shares changed hands during trading, a decline of 45% from the average session volume of 2,165,233 shares. The stock had previously closed at $7.03.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the company. TD Cowen upped their target price on PureCycle Technologies from $6.00 to $7.50 and gave the stock a “buy” rating in a report on Tuesday, June 25th. Stifel Nicolaus restated a “buy” rating and set a $7.00 price objective on shares of PureCycle Technologies in a research note on Wednesday, July 3rd. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, PureCycle Technologies presently has an average rating of “Hold” and a consensus target price of $7.90.
Check Out Our Latest Stock Analysis on PCT
PureCycle Technologies Trading Down 4.7 %
PureCycle Technologies (NYSE:PCT – Get Free Report) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.10). On average, research analysts expect that PureCycle Technologies, Inc. will post -0.75 EPS for the current fiscal year.
Institutional Investors Weigh In On PureCycle Technologies
A number of institutional investors and hedge funds have recently modified their holdings of the company. VitalStone Financial LLC grew its stake in shares of PureCycle Technologies by 163.9% during the 4th quarter. VitalStone Financial LLC now owns 9,500 shares of the company’s stock worth $38,000 after purchasing an additional 5,900 shares during the period. RIA Advisory Group LLC purchased a new position in PureCycle Technologies in the fourth quarter valued at $40,000. Fortis Group Advisors LLC acquired a new position in shares of PureCycle Technologies in the first quarter worth about $67,000. Tidal Investments LLC purchased a new stake in shares of PureCycle Technologies during the 1st quarter worth about $70,000. Finally, Drive Wealth Management LLC acquired a new stake in shares of PureCycle Technologies during the 1st quarter valued at about $78,000. 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.
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