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

PureCycle Technologies, Inc. (NASDAQ:PCT)’s share price shot 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.

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

Insider Activity

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was acquired 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 of the company’s stock, valued at $155,006,638.64. This trade represents a 14.81 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 2.09% of the company’s stock.

Institutional Investors Weigh In On PureCycle Technologies

Institutional investors have recently modified their holdings of the stock. Algert Global LLC bought a new position in PureCycle Technologies during the second quarter valued at about $69,000. Tidal Investments LLC bought a new stake in PureCycle Technologies during the first quarter worth approximately $70,000. Bayesian Capital Management LP acquired a new position in PureCycle Technologies during the first quarter valued at approximately $98,000. Park Edge Advisors LLC bought a new position in shares of PureCycle Technologies in the third quarter valued at approximately $100,000. Finally, Hsbc Holdings PLC lifted its stake in shares of PureCycle Technologies by 11.4% in the second quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock worth $111,000 after buying an additional 1,910 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Trading Up 6.9 %

The firm has a market capitalization of $2.06 billion, a P/E ratio of -8.35 and a beta of 1.56. 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’s fifty day moving average is $10.65 and its 200-day moving average is $7.51.

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.