Cantor Fitzgerald Reaffirms “Overweight” Rating for PureCycle Technologies (NASDAQ:PCT)

PureCycle Technologies (NASDAQ:PCT)‘s stock had its “overweight” rating reissued by Cantor Fitzgerald in a research note issued on Tuesday,Benzinga reports. They currently have a $14.00 price target on the stock. Cantor Fitzgerald’s target price indicates a potential upside of 16.76% from the company’s current price.

Several other equities research analysts have also recently commented on PCT. Craig Hallum boosted 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 boosted their target price on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, TD Cowen boosted their target price on PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, PureCycle Technologies has a consensus rating of “Moderate Buy” and an average price target of $10.60.

PureCycle Technologies Stock Up 2.7 %

Shares of NASDAQ PCT opened at $11.99 on Tuesday. PureCycle Technologies has a 52-week low of $2.38 and a 52-week high of $15.58. The stock has a market cap of $1.98 billion, a PE ratio of -7.99 and a beta of 1.56. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67. The business has a fifty day moving average of $10.76 and a two-hundred day moving average of $7.54.

Insider Buying and Selling at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were purchased at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the acquisition, the insider now directly owns 33,050,456 shares in the company, valued at $155,006,638.64. This represents a 14.81 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.09% of the company’s stock.

Institutional Trading of PureCycle Technologies

Institutional investors have recently modified their holdings of the stock. Algert Global LLC bought a new stake in shares of PureCycle Technologies during the 2nd quarter worth $69,000. Tidal Investments LLC acquired a new stake in shares of PureCycle Technologies in the first quarter valued at about $70,000. Bayesian Capital Management LP acquired a new stake in shares of PureCycle Technologies in the first quarter valued at about $98,000. Park Edge Advisors LLC acquired a new stake in shares of PureCycle Technologies in the third quarter valued at about $100,000. Finally, Hsbc Holdings PLC grew its stake in PureCycle Technologies by 11.4% during the second quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock worth $111,000 after purchasing an additional 1,910 shares during the period. 63.01% of the stock is currently owned by 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.