Analysts Set PureCycle Technologies, Inc. (NASDAQ:PCT) PT at $10.60

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) have been assigned a consensus recommendation of “Moderate Buy” from the four analysts that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $12.50.

Several analysts have recently weighed in on the stock. TD Cowen boosted their price objective on shares of PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Stifel Nicolaus lifted their price objective on shares of 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 set a $14.00 price objective on shares of PureCycle Technologies in a research note on Tuesday, November 19th.

PureCycle Technologies Stock Performance

Shares of PureCycle Technologies stock opened at $10.37 on Tuesday. PureCycle Technologies has a one year low of $2.38 and a one year high of $15.58. The business has a 50-day simple moving average of $12.17 and a 200-day simple moving average of $8.59. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74. The company has a market cap of $1.80 billion, a PE ratio of -6.91 and a beta of 1.53.

Hedge Funds Weigh In On PureCycle Technologies

Several hedge funds have recently bought and sold shares of the stock. Algert Global LLC acquired a new position in PureCycle Technologies in the second quarter valued at $69,000. Park Edge Advisors LLC acquired a new position in shares of PureCycle Technologies during the 3rd quarter valued at $100,000. Hsbc Holdings PLC boosted its position 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 buying an additional 1,910 shares during the period. Fortis Group Advisors LLC grew its stake in shares of PureCycle Technologies by 12.5% in the third quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock valued at $117,000 after buying an additional 1,376 shares in the last quarter. Finally, Prospera Private Wealth LLC grew its position in PureCycle Technologies by 35.9% in the third quarter. Prospera Private Wealth LLC now owns 15,436 shares of the company’s stock valued at $147,000 after acquiring an additional 4,080 shares in the last quarter. Hedge funds and other 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.