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

PureCycle Technologies (NASDAQ:PCT) had its target price upped by Stifel Nicolaus from $8.00 to $15.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also recently commented on PCT. Cantor Fitzgerald started coverage on shares of PureCycle Technologies in a report on Friday, October 18th. They issued an “overweight” rating and a $14.00 price target on the stock. Craig Hallum upped their target price on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, TD Cowen raised their price target on PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.60.

PureCycle Technologies Trading Down 0.3 %

Shares of PCT stock traded down $0.03 on Tuesday, reaching $11.11. 752,598 shares of the company’s stock were exchanged, compared to its average volume of 2,383,866. The company’s fifty day simple moving average is $10.25 and its 200 day simple moving average is $7.34. PureCycle Technologies has a 52 week low of $2.38 and a 52 week high of $15.58. 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 stock has a market capitalization of $1.83 billion, a PE ratio of -11.51 and a beta of 1.56.

Insiders Place Their Bets

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was acquired at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the purchase, the insider now owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. The trade was a 14.81 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.44% of the stock is currently owned by insiders.

Institutional Trading of PureCycle Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PCT. Verus Capital Partners LLC grew its position in shares of PureCycle Technologies by 465.8% during the 3rd quarter. Verus Capital Partners LLC now owns 127,540 shares of the company’s stock valued at $1,212,000 after acquiring an additional 105,000 shares during the period. Ensign Peak Advisors Inc acquired a new stake in PureCycle Technologies during the 2nd quarter worth $311,000. Abundance Wealth Counselors raised its position in shares of PureCycle Technologies by 6.0% in the second quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock valued at $42,562,000 after buying an additional 407,353 shares during the last quarter. Longview Asset Management LLC purchased a new position in shares of PureCycle Technologies in the second quarter worth about $57,521,000. Finally, Sanctuary Advisors LLC acquired a new position in PureCycle Technologies during the second quarter worth about $689,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

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.