PureCycle Technologies (NASDAQ:PCT) Trading 3.9% Higher – Still a Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT) shares traded up 3.9% on Tuesday . The company traded as high as $7.50 and last traded at $7.75. 220,677 shares changed hands during trading, a decline of 90% from the average session volume of 2,197,095 shares. The stock had previously closed at $7.46.

Wall Street Analyst Weigh In

Separately, TD Cowen lifted their target price on shares of PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th.

PureCycle Technologies Stock Performance

The firm has a market cap of $1.44 billion, a PE ratio of -5.34 and a beta of 1.55. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36. The firm’s 50 day simple moving average is $9.12 and its 200 day simple moving average is $10.12.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.32). On average, research analysts forecast that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the firm’s stock in a transaction on Thursday, February 6th. The shares were acquired at an average price of $8.06 per share, for a total transaction of $4,996,595.50. Following the purchase, the insider now directly owns 34,077,574 shares in the company, valued at $274,665,246.44. This trade represents a 1.85 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 11.44% of the company’s stock.

Institutional Trading of PureCycle Technologies

Several hedge funds have recently made changes to their positions in PCT. Jones Financial Companies Lllp raised its position in shares of PureCycle Technologies by 286.0% during the 4th quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company’s stock valued at $32,000 after buying an additional 2,291 shares in the last quarter. Sterling Capital Management LLC raised its position in shares of PureCycle Technologies by 775.3% during the 4th quarter. Sterling Capital Management LLC now owns 3,230 shares of the company’s stock valued at $33,000 after buying an additional 2,861 shares in the last quarter. US Bancorp DE raised its position in shares of PureCycle Technologies by 141.5% during the 4th quarter. US Bancorp DE now owns 3,446 shares of the company’s stock valued at $35,000 after buying an additional 2,019 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new stake in shares of PureCycle Technologies during the 4th quarter valued at about $80,000. Finally, Keudell Morrison Wealth Management purchased a new stake in shares of PureCycle Technologies during the 4th quarter valued at about $117,000. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

PureCycle Technologies Company Profile

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.