PureCycle Technologies (NASDAQ:PCT) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

PureCycle Technologies (NASDAQ:PCT) had its price objective raised by Stifel Nicolaus from $8.00 to $15.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also commented on PCT. Craig Hallum upped their price objective on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 9th. TD Cowen increased their target price 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. Finally, Cantor Fitzgerald initiated coverage on shares of PureCycle Technologies in a research report on Friday, October 18th. They issued an “overweight” rating and a $14.00 target price for the company. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $9.60.

PureCycle Technologies Stock Down 0.9 %

PureCycle Technologies stock opened at $11.04 on Tuesday. PureCycle Technologies has a twelve month low of $2.38 and a twelve month high of $15.58. The stock has a market cap of $1.82 billion, a P/E ratio of -11.50 and a beta of 1.56. The company’s 50-day moving average price is $10.38 and its two-hundred day moving average price is $7.39. The company has a quick ratio of 0.54, a current ratio of 0.67 and a debt-to-equity ratio of 1.06.

Insider Buying and Selling at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were purchased 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 approximately $155,006,638.64. This represents a 14.81 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 11.44% of the company’s stock.

Institutional Investors Weigh In On PureCycle Technologies

Several institutional investors have recently made changes to their positions in PCT. FMR LLC increased its holdings in PureCycle Technologies by 0.5% during the 3rd quarter. FMR LLC now owns 230,755 shares of the company’s stock worth $2,192,000 after acquiring an additional 1,083 shares during the period. Fortis Group Advisors LLC grew its position in PureCycle Technologies by 12.5% during the third quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock worth $117,000 after buying an additional 1,376 shares in the last quarter. Patriot Financial Group Insurance Agency LLC increased its stake in PureCycle Technologies by 7.4% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 26,846 shares of the company’s stock worth $159,000 after acquiring an additional 1,850 shares during the last quarter. Hsbc Holdings PLC raised its holdings in shares of 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 acquiring an additional 1,910 shares in the last quarter. Finally, Foster Victor Wealth Advisors LLC boosted its position in shares of PureCycle Technologies by 6.7% during the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 31,951 shares of the company’s stock valued at $192,000 after acquiring an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors 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.