Why PureCycle Technologies Stock Soared 36% in June
Shareholders of plastics recycling company PureCycle Technologies (NASDAQ: PCT) have had a roller coaster two months. A short-seller report drove shares sharply lower in May, but June brought almost a full rebound. After a 32.5% drop in May, shares in PureCycle jumped 35.8% in June, according to data provided by S&P Global Market Intelligence.
Much of the rebound from the May drop was likely just a bounce from the extreme reaction when the short report from Hindenburg Research came out on May 6. Subsequent to that report, PureCycle provided its first-quarter financial update on May 17, and held an investor day exposition on June 28. Since the company update, shares have surged more than 60%. The company reiterated in its report that it still expects to have its first manufacturing facility operational by the end of 2022. And at its investor day event, the maker of recycled polypropylene announced it plans to build 50 additional recycling facilities in the next 15 years.
Source Fool.com
