PureCycle Technologies (NYSE:PCT) Shares Gap Up – Time to Buy?

PureCycle Technologies, Inc. (NYSE:PCT) gapped up prior to trading on Wednesday . The stock had previously closed at $9.42, but opened at $9.65. PureCycle Technologies shares last traded at $9.84, with a volume of 201,254 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PCT shares. Craig Hallum lifted their price objective on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Stifel Nicolaus raised their price target on PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a report on Monday, August 12th. Finally, TD Cowen lifted their price objective on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $6.75.

PureCycle Technologies Price Performance

The company has a current ratio of 0.67, a quick ratio of 0.54 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $1.55 billion, a P/E ratio of -9.24 and a beta of 1.63. The company has a 50 day moving average of $7.18 and a 200-day moving average of $6.19.

PureCycle Technologies (NYSE:PCT) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.13). On average, sell-side analysts predict that PureCycle Technologies, Inc. will post -0.85 EPS for the current year.

Insider Transactions at PureCycle Technologies

In related news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of PureCycle Technologies stock in a transaction dated Friday, September 13th. The shares were bought at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the acquisition, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 11.44% of the company’s stock.

Institutional Trading of PureCycle Technologies

Several large investors have recently made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC boosted its stake in PureCycle Technologies by 7.4% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 26,846 shares of the company’s stock valued at $159,000 after buying an additional 1,850 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of PureCycle Technologies by 11.4% during the 2nd quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock valued at $111,000 after purchasing an additional 1,910 shares during the last quarter. Foster Victor Wealth Advisors LLC increased its position in PureCycle Technologies by 6.7% during the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 31,951 shares of the company’s stock worth $192,000 after purchasing an additional 2,000 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in PureCycle Technologies by 1.1% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 183,600 shares of the company’s stock valued at $1,087,000 after purchasing an additional 2,083 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in PureCycle Technologies by 10.0% in the second quarter. Arizona State Retirement System now owns 32,225 shares of the company’s stock valued at $191,000 after buying an additional 2,918 shares in the last quarter. Institutional investors and hedge funds 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.