Ecovyst (NYSE:ECVT) Shares Gap Down – Here’s What Happened

Ecovyst Inc. (NYSE:ECVT)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $8.10, but opened at $7.46. Ecovyst shares last traded at $7.14, with a volume of 325,137 shares.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. BMO Capital Markets increased their price objective on Ecovyst from $9.00 to $10.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Citigroup increased their price objective on Ecovyst from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Finally, BWS Financial reissued a “buy” rating and issued a $12.00 price objective on shares of Ecovyst in a research note on Friday.

Ecovyst Stock Performance

The company has a current ratio of 2.54, a quick ratio of 2.06 and a debt-to-equity ratio of 1.17. The firm has a 50-day simple moving average of $7.80 and a two-hundred day simple moving average of $7.37. The company has a market capitalization of $791.69 million, a price-to-earnings ratio of 14.77, a price-to-earnings-growth ratio of 1.04 and a beta of 1.05.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Spire Wealth Management increased its position in Ecovyst by 72.9% in the 4th quarter. Spire Wealth Management now owns 4,496 shares of the company’s stock worth $34,000 after purchasing an additional 1,896 shares during the last quarter. Deerfield Management Company L.P. Series C acquired a new position in shares of Ecovyst during the 4th quarter valued at about $79,000. Bridgefront Capital LLC acquired a new position in shares of Ecovyst during the 4th quarter valued at about $81,000. Cibc World Markets Corp acquired a new position in shares of Ecovyst during the 4th quarter valued at about $83,000. Finally, Capstone Investment Advisors LLC acquired a new position in shares of Ecovyst during the 3rd quarter valued at about $86,000. 86.69% of the stock is owned by institutional investors and hedge funds.

About Ecovyst

Ecovyst Inc offers specialty catalysts and services in the United States and internationally. The company operates in two segments, Ecoservices and Advanced Materials & Catalysts. The Ecoservices segment provides sulfuric acid recycling services and end-to-end logistics for production of alkylate for refineries; and virgin sulfuric acid for mining, water treatment, and industrial applications.