PureCycle Technologies (NYSE:PCT) Stock Price Up 5%

PureCycle Technologies, Inc. (NYSE:PCT) shares rose 5% during mid-day trading on Wednesday . The company traded as high as $9.38 and last traded at $9.25. Approximately 463,788 shares changed hands during trading, a decline of 80% from the average daily volume of 2,276,304 shares. The stock had previously closed at $8.81.

Analysts Set New Price Targets

PCT has been the subject of a number of recent analyst reports. TD Cowen boosted their target price on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Craig Hallum upped their price objective on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Finally, Stifel Nicolaus raised their target price on shares of PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $6.75.

PureCycle Technologies Price Performance

The firm has a market capitalization of $1.50 billion, a P/E ratio of -9.14 and a beta of 1.60. The stock’s fifty day simple moving average is $7.01 and its 200 day simple moving average is $6.08. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.67 and a quick ratio of 0.54.

PureCycle Technologies (NYSE:PCT) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.13). On average, equities research analysts predict that PureCycle Technologies, Inc. will post -0.85 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the company’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 transaction, the insider now directly owns 33,050,456 shares in the company, valued at $155,006,638.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 11.44% of the company’s stock.

Hedge Funds Weigh In On PureCycle Technologies

Several institutional investors and hedge funds have recently modified their holdings of the stock. VitalStone Financial LLC raised its position in PureCycle Technologies by 163.9% during the fourth quarter. VitalStone Financial LLC now owns 9,500 shares of the company’s stock valued at $38,000 after acquiring an additional 5,900 shares in the last quarter. Fortis Group Advisors LLC purchased a new position in shares of PureCycle Technologies during the 1st quarter valued at approximately $67,000. Algert Global LLC acquired a new position in shares of PureCycle Technologies in the 2nd quarter valued at $69,000. Tidal Investments LLC purchased a new stake in PureCycle Technologies during the first quarter worth $70,000. Finally, Bayesian Capital Management LP purchased a new stake in PureCycle Technologies during the first quarter worth $98,000. Institutional investors and hedge funds 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.