Pure Cycle Co. (NASDAQ:PCYO) was the recipient of a large decline in short interest in October. As of October 31st, there was short interest totalling 180,800 shares, a decline of 8.9% from the September 30th total of 198,500 shares. Based on an average daily volume of 28,300 shares, the days-to-cover ratio is currently 6.4 days. Approximately 0.8% of the shares of the company are short sold.
NASDAQ PCYO traded down $0.08 on Friday, hitting $11.96. The company had a trading volume of 50,600 shares, compared to its average volume of 31,470. The company’s fifty day moving average price is $11.03 and its 200-day moving average price is $10.54. The company has a market capitalization of $286.87 million, a PE ratio of 133.78 and a beta of 0.58. Pure Cycle has a 12-month low of $9.20 and a 12-month high of $12.23.
In other news, major shareholder Par Investment Partners Lp sold 2,950,000 shares of Pure Cycle stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $9.75, for a total transaction of $28,762,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Plaisance Capital Llc bought 5,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were purchased at an average cost of $10.88 per share, with a total value of $54,400.00. The disclosure for this purchase can be found here. 5.03% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the company. Smart Money Group LLC acquired a new position in shares of Pure Cycle during the 3rd quarter valued at about $113,000. Perritt Capital Management Inc. acquired a new position in shares of Pure Cycle during the 2nd quarter valued at about $127,000. Bremer Bank National Association boosted its position in shares of Pure Cycle by 28.0% during the 3rd quarter. Bremer Bank National Association now owns 14,180 shares of the utilities provider’s stock valued at $146,000 after acquiring an additional 3,105 shares during the last quarter. Beddow Capital Management Inc. acquired a new position in shares of Pure Cycle during the 2nd quarter valued at about $159,000. Finally, Wall Street Access Asset Management LLC acquired a new position in shares of Pure Cycle during the 2nd quarter valued at about $167,000. 66.87% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on PCYO. BidaskClub raised shares of Pure Cycle from a “hold” rating to a “buy” rating in a report on Saturday. ValuEngine lowered shares of Pure Cycle from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 2nd. Finally, TheStreet raised shares of Pure Cycle from a “c” rating to a “b-” rating in a report on Friday, November 8th.
About Pure Cycle
Pure Cycle Corporation designs, constructs, operates, and maintains water and wastewater systems in the Denver metropolitan area and Colorado Front Range in the United States. It operates in two segments, Wholesale Water and Wastewater Services, and Land Development Activities. The company offers utility services, including water production, storage, treatment, wastewater collection and treatment, irrigation water treatment and transmission, construction management, billing and collection, and emergency response services, as well as bulk transmission services to retail distribution systems.
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