Stifel Nicolaus Increases PureCycle Technologies (NASDAQ:PCT) Price Target to $15.00

PureCycle Technologies (NASDAQ:PCT) had its price objective lifted by stock analysts at Stifel Nicolaus from $8.00 to $15.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ price objective points to a potential upside of 27.23% from the stock’s previous close.

A number of other research firms also recently issued reports on PCT. Craig Hallum increased their price objective on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a report on Friday, August 9th. TD Cowen raised their price target on PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, Cantor Fitzgerald began coverage on PureCycle Technologies in a research report on Friday, October 18th. They issued an “overweight” rating and a $14.00 target price for the company. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $9.60.

PureCycle Technologies Trading Down 6.9 %

Shares of PCT opened at $11.79 on Tuesday. The stock has a 50 day simple moving average of $10.02 and a two-hundred day simple moving average of $7.29. The company has a quick ratio of 0.54, a current ratio of 0.67 and a debt-to-equity ratio of 1.06. PureCycle Technologies has a 1 year low of $2.38 and a 1 year high of $15.58.

Insider Transactions at PureCycle Technologies

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were bought at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the acquisition, the insider now owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 11.44% of the company’s stock.

Hedge Funds Weigh In On PureCycle Technologies

Several hedge funds have recently bought and sold shares of PCT. Algert Global LLC bought a new position in PureCycle Technologies in the 2nd quarter valued at $69,000. Tidal Investments LLC bought a new position in PureCycle Technologies in the 1st quarter valued at $70,000. Bayesian Capital Management LP bought a new position in PureCycle Technologies in the 1st quarter valued at $98,000. Park Edge Advisors LLC bought a new position in PureCycle Technologies in the 3rd quarter valued at $100,000. Finally, Hsbc Holdings PLC grew its position in PureCycle Technologies by 11.4% in the 2nd quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock valued at $111,000 after acquiring an additional 1,910 shares during the last quarter. Institutional investors 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.