PureCycle Technologies (NASDAQ:PCT) Shares Gap Up – Should You Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT) 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.

Analysts Set New Price Targets

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

PureCycle Technologies Stock Up 17.1 %

The firm’s 50-day simple moving average is $9.98 and its 200 day simple moving average is $9.73. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74. The stock has a market capitalization of $1.89 billion, a P/E ratio of -7.27 and a beta of 1.58.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc acquired 619,925 shares of the stock in a transaction dated Thursday, February 6th. The shares were bought at an average cost 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 of the company’s stock, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 11.44% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. FMR LLC grew its stake in PureCycle Technologies by 0.5% in the 3rd quarter. FMR LLC now owns 230,755 shares of the company’s stock valued at $2,192,000 after buying an additional 1,083 shares during the last quarter. NewEdge Advisors LLC grew its stake in PureCycle Technologies by 0.4% in the 4th quarter. NewEdge Advisors LLC now owns 322,491 shares of the company’s stock valued at $3,306,000 after buying an additional 1,330 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in PureCycle Technologies by 11.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 12,897 shares of the company’s stock valued at $132,000 after buying an additional 1,352 shares during the last quarter. Fortis Group Advisors LLC grew its stake in PureCycle Technologies by 12.5% in the 3rd quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock valued at $117,000 after buying an additional 1,376 shares during the last quarter. Finally, US Bancorp DE grew its stake in PureCycle Technologies by 141.5% in 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 during the last quarter. 63.01% of the stock is currently owned by institutional investors and hedge funds.

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.