PureCycle Technologies (NYSE:PCT) Trading Up 7%

Shares of PureCycle Technologies, Inc. (NYSE:PCT) traded up 7% during trading on Thursday . The stock traded as high as $8.75 and last traded at $8.72. 393,481 shares were traded during mid-day trading, a decline of 82% from the average session volume of 2,238,552 shares. The stock had previously closed at $8.15.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on PCT shares. Craig Hallum boosted their price target on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 9th. Stifel Nicolaus increased their target price on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Finally, TD Cowen raised their price target on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $6.75.

PureCycle Technologies Price Performance

The company has a market capitalization of $1.52 billion, a PE ratio of -9.08 and a beta of 1.60. 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 50 day moving average price is $6.47 and its 200-day moving average price is $5.83.

PureCycle Technologies (NYSE:PCT) last issued 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). On average, sell-side analysts forecast that PureCycle Technologies, Inc. will post -0.85 earnings per share for the current fiscal year.

Insider Transactions at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were purchased at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the acquisition, the insider now owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 11.44% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its stake in shares of PureCycle Technologies by 22.5% in the fourth quarter. Victory Capital Management Inc. now owns 17,004 shares of the company’s stock valued at $69,000 after buying an additional 3,128 shares in the last quarter. Swiss National Bank raised its stake in shares of PureCycle Technologies by 6.2% during the fourth quarter. Swiss National Bank now owns 210,100 shares of the company’s stock valued at $851,000 after purchasing an additional 12,200 shares during the period. Jump Financial LLC acquired a new position in shares of PureCycle Technologies during the fourth quarter worth $79,000. Jade Capital Advisors LLC acquired a new position in shares of PureCycle Technologies during the fourth quarter worth $142,000. Finally, SWS Partners boosted its stake in shares of PureCycle Technologies by 40.9% in the fourth quarter. SWS Partners now owns 877,924 shares of the company’s stock valued at $3,556,000 after purchasing an additional 255,019 shares during the period. 63.01% of the stock is owned by hedge funds and other institutional investors.

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.