PureCycle Technologies, Inc. (NASDAQ:PCT) Given Average Rating of “Moderate Buy” by Analysts

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) have been given an average recommendation of “Moderate Buy” by the six research firms that are covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $10.60.

Several equities research analysts have weighed in on PCT shares. Stifel Nicolaus raised their target price 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. Craig Hallum raised 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. TD Cowen upped their target price on PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $14.00 price target on shares of PureCycle Technologies in a report on Tuesday.

Insider Transactions at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were acquired at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the transaction, the insider now directly owns 33,050,456 shares in the company, valued at $155,006,638.64. The trade was a 14.81 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 11.44% of the company’s stock.

Institutional Trading of PureCycle Technologies

A number of hedge funds have recently bought and sold shares of the business. Algert Global LLC acquired a new stake in shares of PureCycle Technologies in the 2nd quarter worth $69,000. Tidal Investments LLC acquired a new stake in PureCycle Technologies during the first quarter worth about $70,000. Bayesian Capital Management LP purchased a new position in PureCycle Technologies during the first quarter worth about $98,000. Park Edge Advisors LLC purchased a new position in PureCycle Technologies during the third quarter worth about $100,000. Finally, Hsbc Holdings PLC boosted its holdings in PureCycle Technologies by 11.4% in 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. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Stock Performance

Shares of NASDAQ:PCT opened at $11.69 on Friday. The firm has a 50 day moving average of $10.83 and a 200 day moving average of $7.57. The company has a quick ratio of 0.54, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of -7.79 and a beta of 1.56. PureCycle Technologies has a 52 week low of $2.38 and a 52 week high of $15.58.

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.