PureCycle Technologies (NASDAQ:PCT) Price Target Raised to $15.00

PureCycle Technologies (NASDAQ:PCT) had its price objective upped by TD Cowen from $10.00 to $15.00 in a research note issued to investors on Wednesday morning, MarketBeat reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price target on shares of PureCycle Technologies in a research report on Tuesday, November 19th. Craig Hallum upped their price target 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. Finally, Stifel Nicolaus upped their price target on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, PureCycle Technologies has a consensus rating of “Moderate Buy” and an average price target of $10.60.

PureCycle Technologies Stock Up 2.1 %

PCT stock opened at $11.93 on Wednesday. PureCycle Technologies has a 12 month low of $2.38 and a 12 month high of $15.58. The firm has a market cap of $2.07 billion, a PE ratio of -7.95 and a beta of 1.56. The firm has a 50 day simple moving average of $10.89 and a 200 day simple moving average of $7.64. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 0.54.

Insider Activity at PureCycle Technologies

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 stock was purchased at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the acquisition, the insider now directly owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This trade represents a 14.81 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 11.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PureCycle Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Park Edge Advisors LLC bought a new position in shares of PureCycle Technologies during the 3rd quarter worth about $100,000. Tidal Investments LLC bought a new position in shares of PureCycle Technologies during the 1st quarter worth about $70,000. Algert Global LLC acquired a new stake in shares of PureCycle Technologies during the 2nd quarter worth about $69,000. Fortis Group Advisors LLC increased its position in shares of PureCycle Technologies by 12.5% during the 3rd quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock worth $117,000 after purchasing an additional 1,376 shares in the last quarter. Finally, Prospera Private Wealth LLC increased its position in shares of PureCycle Technologies by 35.9% during the 3rd quarter. Prospera Private Wealth LLC now owns 15,436 shares of the company’s stock worth $147,000 after purchasing an additional 4,080 shares in the last quarter. 63.01% of the stock is owned by institutional investors.

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.