PureCycle Technologies (NYSE:PCT) Reaches New 52-Week High at $9.68

Shares of PureCycle Technologies, Inc. (NYSE:PCT) reached a new 52-week high during trading on Friday . The stock traded as high as $9.68 and last traded at $9.67, with a volume of 1216970 shares changing hands. The stock had previously closed at $9.28.

Analysts Set New Price Targets

PCT has been the subject of several analyst reports. Craig Hallum increased their price objective on 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 price target on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Finally, TD Cowen boosted their price objective on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a report on Friday, August 9th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $6.75.

PureCycle Technologies Price 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 firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of -9.36 and a beta of 1.60. The stock has a 50 day moving average price of $6.40 and a two-hundred day moving average price of $5.81.

PureCycle Technologies (NYSE:PCT) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). As a group, analysts expect that PureCycle Technologies, Inc. will post -0.85 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of PureCycle Technologies stock in a transaction on Friday, September 13th. The shares were bought at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the transaction, the insider now directly owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. The transaction was disclosed in a document filed 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

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. VitalStone Financial LLC boosted its holdings in shares of PureCycle Technologies by 163.9% in the 4th quarter. VitalStone Financial LLC now owns 9,500 shares of the company’s stock valued at $38,000 after buying an additional 5,900 shares in the last quarter. Fortis Group Advisors LLC acquired a new position in PureCycle Technologies in the first quarter valued at $67,000. Victory Capital Management Inc. grew its holdings in shares of PureCycle Technologies by 22.5% during the fourth quarter. Victory Capital Management Inc. now owns 17,004 shares of the company’s stock worth $69,000 after purchasing an additional 3,128 shares during the last quarter. Algert Global LLC acquired a new stake in shares of PureCycle Technologies during the second quarter worth about $69,000. Finally, Tidal Investments LLC acquired a new stake in shares of PureCycle Technologies in the 1st quarter valued at about $70,000. 63.01% of the stock is owned by institutional investors and hedge funds.

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.