PureCycle Technologies Soars 5.49% on Partnerships, Funding

PureCycle Technologies (PCT) shares surged 5.49% today, marking the third consecutive day of gains, with a cumulative increase of 11.63% over the past three days. The stock price reached its highest level since September 2021, with an intraday gain of 7.62%.

Analysts have been bullish on PureCycle Technologies, with Cantor Fitzgerald reaffirming an "overweight" rating and raising the price target from $12 to $16. This upgrade was driven by the company's recent partnership with Emerald Carpets and a successful $300 million stock offering, which are seen as significant growth drivers.

In addition to analyst optimism, there has been a notable increase in call option trading, which has contributed to heightened implied volatility in the stock. This surge in options trading is occurring ahead of the company’s upcoming earnings report on August 7th, adding to the market's anticipation and speculation.

PureCycle Technologies has also made significant strides in securing funding and partnerships. The company recently secured $300 million in funding to expand its global plastic recycling capacity. Additionally, it received GreenCircle’s Recycled Content Certification, further solidifying its position in the sustainability sector. These developments have bolstered investor confidence and contributed to the recent stock price movements.