Research analysts at Cantor Fitzgerald initiated coverage on shares of PureCycle Technologies (NYSE:PCT – Get Free Report) in a research report issued to clients and investors on Friday, Marketbeat.com reports. The brokerage set an “overweight” rating and a $14.00 price target on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 31.09% from the stock’s current price.
Other research analysts have also issued reports about the company. Craig Hallum upped their target price on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Stifel Nicolaus increased their price objective on shares of PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Finally, TD Cowen lifted their target price on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, PureCycle Technologies presently has an average rating of “Hold” and an average price target of $8.20.
Read Our Latest Stock Report on PureCycle Technologies
PureCycle Technologies Stock Performance
PureCycle Technologies (NYSE:PCT – Get Free Report) 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 will post -0.85 EPS for the current year.
Insider Buying and Selling at PureCycle Technologies
In related news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the business’s stock in a transaction on Friday, September 13th. The stock was bought at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the acquisition, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 11.44% of the company’s stock.
Institutional Trading of PureCycle Technologies
Hedge funds have recently modified their holdings of the company. Ensign Peak Advisors Inc bought a new stake in PureCycle Technologies during the 2nd quarter worth approximately $311,000. Abundance Wealth Counselors boosted its stake in PureCycle Technologies by 6.0% in the second quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock worth $42,562,000 after purchasing an additional 407,353 shares in the last quarter. Longview Asset Management LLC bought a new stake in shares of PureCycle Technologies during the second quarter worth $57,521,000. Marshall Wace LLP acquired a new stake in shares of PureCycle Technologies in the second quarter valued at $322,000. Finally, Sanctuary Advisors LLC bought a new position in shares of PureCycle Technologies in the second quarter valued at about $689,000. 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.
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