PureCycle Technologies (NASDAQ:PCT) Shares Gap Up – Here’s What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT) shares gapped up before the market opened on Tuesday . The stock had previously closed at $9.31, but opened at $10.72. PureCycle Technologies shares last traded at $10.94, with a volume of 1,462,824 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PCT shares. TD Cowen boosted their target price on shares of PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Stifel Nicolaus boosted their target price on shares of PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price objective on shares of PureCycle Technologies in a research report on Tuesday, November 19th.

PureCycle Technologies Stock Performance

The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. The stock has a market cap of $1.84 billion, a price-to-earnings ratio of -7.05 and a beta of 1.58. The company has a 50 day simple moving average of $9.94 and a 200 day simple moving average of $9.73.

Insider Activity

In related news, major shareholder Sylebra Capital Llc bought 619,925 shares of PureCycle Technologies stock in a transaction that occurred on Thursday, February 6th. The shares were acquired at an average cost of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the acquisition, the insider now directly owns 34,077,574 shares of the company’s stock, valued at approximately $274,665,246.44. The trade was a 1.85 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 11.44% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently modified their holdings of PCT. Creative Planning boosted its holdings in shares of PureCycle Technologies by 67.0% during the 3rd quarter. Creative Planning now owns 40,126 shares of the company’s stock worth $381,000 after buying an additional 16,092 shares in the last quarter. Fortis Group Advisors LLC boosted its holdings in shares of PureCycle Technologies by 12.5% during the 3rd quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock worth $117,000 after buying an additional 1,376 shares in the last quarter. Park Edge Advisors LLC bought a new position in shares of PureCycle Technologies during the 3rd quarter worth approximately $100,000. Gladstone Institutional Advisory LLC boosted its holdings in shares of PureCycle Technologies by 1.4% during the 3rd quarter. Gladstone Institutional Advisory LLC now owns 3,339,952 shares of the company’s stock worth $31,730,000 after buying an additional 44,571 shares in the last quarter. Finally, Verus Capital Partners LLC boosted its holdings in shares of PureCycle Technologies by 465.8% during the 3rd quarter. Verus Capital Partners LLC now owns 127,540 shares of the company’s stock worth $1,212,000 after buying an additional 105,000 shares in the last quarter. 63.01% of the stock is currently owned by institutional investors.

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.