Why Shares of PureCycle Technologies Were Rising This Week
Shares of PureCycle Technologies (NASDAQ: PCT) came out strong from the gate to start the new year, and that progress continued this week. Investors' bullish attitude toward the plastic recycling stock stems from news that the company is planning a European expansion. This news helped protect the stock from the overall market weakness that saw the S&P 500 tumble this week.
As of the end of Thursday's trading session, shares of PureCycle were up 11.4% since last-Friday's close, according to data provided by S&P Global Market Intelligence.
On Tuesday, PureCycle announced that it will be developing its first plastic recycling facility on the other side of the pond. Located at the Port of Antwerp-Bruges in Belgium, the polypropylene recycling facility is expected to have an initial annual production capacity of about 130 million pounds, with the potential for expansion to 500 million pounds in the future.
Source Fool.com
