Stifel Nicolaus Forecasts Strong Price Appreciation for PureCycle Technologies (NASDAQ:PCT) Stock

PureCycle Technologies (NASDAQ:PCT) had its price target lifted by Stifel Nicolaus from $8.00 to $15.00 in a research note released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

PCT has been the topic of a number of other reports. TD Cowen lifted their price objective on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Craig Hallum lifted their price target on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Cantor Fitzgerald started coverage on PureCycle Technologies in a research report on Friday, October 18th. They issued an “overweight” rating and a $14.00 price objective for the company. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.60.

PureCycle Technologies Stock Down 1.9 %

Shares of PCT stock opened at $12.66 on Tuesday. The stock’s 50 day simple moving average is $9.88 and its 200 day simple moving average is $7.23. PureCycle Technologies has a twelve month low of $2.38 and a twelve month high of $15.58. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.67 and a quick ratio of 0.54.

Insider Activity at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of PureCycle Technologies stock in a transaction on Friday, September 13th. The stock was bought at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the transaction, the insider now owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.09% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Longview Asset Management LLC acquired a new stake in PureCycle Technologies during the second quarter valued at approximately $57,521,000. Abundance Wealth Counselors boosted its stake in PureCycle Technologies by 6.0% in the 2nd quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock valued at $42,562,000 after buying an additional 407,353 shares in the last quarter. Gladstone Institutional Advisory LLC grew its position in PureCycle Technologies by 1.4% in the third quarter. Gladstone Institutional Advisory LLC now owns 3,339,952 shares of the company’s stock valued at $31,730,000 after acquiring an additional 44,571 shares during the period. Long Focus Capital Management LLC raised its stake in PureCycle Technologies by 3.2% during the second quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company’s stock worth $14,230,000 after acquiring an additional 75,000 shares in the last quarter. Finally, Simplify Asset Management Inc. raised its stake in PureCycle Technologies by 67.4% during the third quarter. Simplify Asset Management Inc. now owns 1,772,056 shares of the company’s stock worth $16,835,000 after acquiring an additional 713,664 shares in the last quarter. 63.01% of the stock is currently owned by institutional investors and hedge funds.

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.