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

PureCycle Technologies, Inc. (NASDAQ:PCT) shares traded up 3.9% on Tuesday . The stock traded as high as $7.50 and last traded at $7.75. 220,677 shares traded 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.

Analyst Ratings Changes

Separately, TD Cowen raised their price target 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 4.0 %

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

PureCycle Technologies (NASDAQ:PCT) last issued its earnings results on Thursday, February 27th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.32). As a group, equities analysts predict that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PCT. Sylebra Capital LLC boosted its stake in shares of PureCycle Technologies by 14.6% during the 3rd quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock worth $317,848,000 after acquiring an additional 4,264,393 shares during the last quarter. Harvard Management Co. Inc. boosted its stake in shares of PureCycle Technologies by 249.7% during the 3rd quarter. Harvard Management Co. Inc. now owns 2,498,170 shares of the company’s stock worth $23,733,000 after acquiring an additional 1,783,885 shares during the last quarter. Duquesne Family Office LLC purchased a new position in shares of PureCycle Technologies during the 4th quarter worth $16,323,000. T. Rowe Price Investment Management Inc. purchased a new position in shares of PureCycle Technologies during the 4th quarter worth $13,859,000. Finally, Vanguard Group Inc. lifted its stake in shares of PureCycle Technologies by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 14,100,507 shares of the company’s stock valued at $144,530,000 after buying an additional 758,382 shares in the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

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.