PureCycle Technologies, Inc. (NYSE:PCT – Get Free Report) was the recipient of some unusual options trading activity on Thursday. Investors bought 16,675 call options on the stock. This is an increase of 116% compared to the average daily volume of 7,735 call options.
Insider Buying and Selling at PureCycle Technologies
In other PureCycle Technologies news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were acquired at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the purchase, the insider now directly 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 11.44% of the company’s stock.
Hedge Funds Weigh In On PureCycle Technologies
Hedge funds and other institutional investors have recently modified their holdings of the company. Fortis Group Advisors LLC bought a new position in PureCycle Technologies in the 1st quarter worth $67,000. Algert Global LLC purchased a new stake in PureCycle Technologies in the second quarter worth about $69,000. Tidal Investments LLC bought a new stake in PureCycle Technologies during the 1st quarter valued at approximately $70,000. Bayesian Capital Management LP purchased a new position in shares of PureCycle Technologies during the 1st quarter worth approximately $98,000. Finally, Park Edge Advisors LLC bought a new position in shares of PureCycle Technologies in the 3rd quarter worth approximately $100,000. 63.01% of the stock is owned by institutional investors.
PureCycle Technologies Stock Performance
PureCycle Technologies (NYSE:PCT – Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). As a group, research analysts forecast that PureCycle Technologies will post -0.98 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently issued reports on PCT shares. TD Cowen upped their price objective on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Stifel Nicolaus upped their target price on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Craig Hallum lifted their price target 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, Cantor Fitzgerald initiated coverage on shares of PureCycle Technologies in a research note on Friday, October 18th. They issued an “overweight” rating and a $14.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $8.20.
Read Our Latest Research Report on PureCycle Technologies
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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