PureCycle Technologies (NYSE:PCT) Hits New 12-Month High – What’s Next?

PureCycle Technologies, Inc. (NYSE:PCT) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $12.31 and last traded at $12.31, with a volume of 1565952 shares changing hands. The stock had previously closed at $11.04.

Analyst Ratings Changes

PCT has been the topic of a number of research reports. Craig Hallum boosted their target price 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. TD Cowen upped their target price on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Stifel Nicolaus lifted their target price on shares of PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Finally, Cantor Fitzgerald assumed coverage on shares of PureCycle Technologies in a research note on Friday, October 18th. They set an “overweight” rating and a $14.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $8.20.

PureCycle Technologies Stock Down 1.3 %

The firm’s 50 day moving average price is $8.32 and its two-hundred day moving average price is $6.62. 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 has a market capitalization of $2.33 billion, a P/E ratio of -14.71 and a beta of 1.63.

PureCycle Technologies (NYSE:PCT) last released its earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). Equities research analysts forecast that PureCycle Technologies, Inc. will post -0.98 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the stock in a transaction on Friday, September 13th. The shares were purchased at an average price of $4.69 per share, with a total value 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 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 11.44% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PureCycle Technologies

A number of institutional investors have recently bought and sold shares of PCT. Fortis Group Advisors LLC boosted its stake 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 acquiring an additional 1,376 shares during the period. Patriot Financial Group Insurance Agency LLC increased its holdings in shares of PureCycle Technologies by 7.4% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 26,846 shares of the company’s stock valued at $159,000 after purchasing an additional 1,850 shares during the last quarter. Hsbc Holdings PLC increased its holdings 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 valued at $111,000 after purchasing an additional 1,910 shares during the last quarter. Foster Victor Wealth Advisors LLC raised its position in shares of PureCycle Technologies by 6.7% in the second quarter. Foster Victor Wealth Advisors LLC now owns 31,951 shares of the company’s stock valued at $192,000 after purchasing an additional 2,000 shares during the period. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in shares of PureCycle Technologies by 1.1% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 183,600 shares of the company’s stock worth $1,087,000 after buying an additional 2,083 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.

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.