PureCycle Technologies (NASDAQ:PCT) Shares Up 6.9% Following Analyst Upgrade

PureCycle Technologies, Inc. (NASDAQ:PCT) shares traded up 6.9% on Wednesday after TD Cowen raised their price target on the stock from $10.00 to $15.00. TD Cowen currently has a buy rating on the stock. PureCycle Technologies traded as high as $12.54 and last traded at $12.48. 357,378 shares traded hands during trading, a decline of 85% from the average session volume of 2,375,240 shares. The stock had previously closed at $11.67.

PCT has been the subject of a number of other research reports. Craig Hallum boosted their target price on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Stifel Nicolaus increased 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, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $14.00 price target on shares of PureCycle Technologies in a research report on Tuesday. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, PureCycle Technologies has an average rating of “Moderate Buy” and a consensus price target of $10.60.

Insider Buying and Selling at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were acquired at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the completion of 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 14.81 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.09% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Algert Global LLC acquired a new stake in shares of PureCycle Technologies in the 2nd quarter valued at approximately $69,000. Tidal Investments LLC acquired a new position in shares of PureCycle Technologies in the 1st quarter valued at $70,000. Bayesian Capital Management LP bought a new stake in shares of PureCycle Technologies in the 1st quarter valued at $98,000. Park Edge Advisors LLC bought a new position in PureCycle Technologies during the third quarter worth about $100,000. Finally, Hsbc Holdings PLC increased its holdings in shares of PureCycle Technologies by 11.4% in the second quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock worth $111,000 after acquiring an additional 1,910 shares in the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Stock Performance

The company has a debt-to-equity ratio of 1.06, a current ratio of 0.67 and a quick ratio of 0.54. The company has a market cap of $1.98 billion, a price-to-earnings ratio of -7.99 and a beta of 1.56. The stock has a 50-day moving average price of $10.76 and a 200 day moving average price of $7.54.

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.