PureCycle Technologies (NASDAQ:PCT) Trading Up 6.9% on Analyst Upgrade

PureCycle Technologies, Inc. (NASDAQ:PCT)’s share price traded up 6.9% during trading on Wednesday after TD Cowen raised their price target on the stock from $10.00 to $15.00. TD Cowen currently has a buy rating on the stock. PureCycle Technologies traded as high as $12.54 and last traded at $12.48. 357,378 shares were traded during mid-day trading, a decline of 85% from the average session volume of 2,375,240 shares. The stock had previously closed at $11.67.

PCT has been the topic of several other research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price target on shares of PureCycle Technologies in a research note on Tuesday. Craig Hallum boosted their price objective on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, Stifel Nicolaus raised their target price on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, PureCycle Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.60.

Insider Buying and Selling

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were purchased at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the transaction, the insider now directly owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This trade represents a 14.81 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.09% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PureCycle Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Verus Capital Partners LLC raised its holdings in PureCycle Technologies by 465.8% in the 3rd quarter. Verus Capital Partners LLC now owns 127,540 shares of the company’s stock valued at $1,212,000 after acquiring an additional 105,000 shares in the last quarter. Ensign Peak Advisors Inc acquired a new position in PureCycle Technologies in the second quarter valued at about $311,000. Abundance Wealth Counselors lifted its position in PureCycle Technologies by 6.0% during the second quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock worth $42,562,000 after purchasing an additional 407,353 shares during the period. Simplify Asset Management Inc. grew its stake in PureCycle Technologies by 67.4% during the third quarter. Simplify Asset Management Inc. now owns 1,772,056 shares of the company’s stock worth $16,835,000 after buying an additional 713,664 shares in the last quarter. Finally, Longview Asset Management LLC acquired a new stake in PureCycle Technologies during the second quarter worth about $57,521,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

PureCycle Technologies Stock Up 6.9 %

The firm’s 50-day moving average price is $10.65 and its 200 day moving average price is $7.51. The company has a current ratio of 0.67, a quick ratio of 0.54 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of -8.35 and a beta of 1.56.

About PureCycle Technologies

PureCycle Technologies, Inc engages in the production of recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled polypropylene resin that has multiple applications, including packaging and labeling for consumer products, piping, ropes, cabling, and plastic parts for various industries.