PureCycle Technologies, Inc. (NYSE:PCT) Receives $6.75 Average Target Price from Analysts

Shares of PureCycle Technologies, Inc. (NYSE:PCT) have been given an average recommendation of “Hold” by the six analysts that are presently covering the company, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $6.75.

A number of research firms have issued reports on PCT. Stifel Nicolaus lifted their target price on shares of PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Monday, August 12th. TD Cowen upped their price objective on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, Craig Hallum raised their target price on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 9th.

Insider Transactions at PureCycle Technologies

In related news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the 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 purchase, the insider now owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 11.44% of the company’s stock.

Institutional Investors Weigh In On PureCycle Technologies

A number of institutional investors have recently added to or reduced their stakes in the company. Longview Asset Management LLC acquired a new position in shares of PureCycle Technologies in the 2nd quarter valued at $57,521,000. Abundance Wealth Counselors lifted its stake in PureCycle Technologies by 21.0% during the first quarter. Abundance Wealth Counselors now owns 6,782,137 shares of the company’s stock worth $42,185,000 after purchasing an additional 1,178,570 shares during the period. Van ECK Associates Corp acquired a new stake in PureCycle Technologies during the second quarter valued at approximately $3,121,000. Sierra Summit Advisors LLC bought a new stake in shares of PureCycle Technologies in the 4th quarter valued at approximately $964,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of PureCycle Technologies in the 2nd quarter worth approximately $689,000. 63.01% of the stock is owned by institutional investors and hedge funds.

PureCycle Technologies Stock Up 2.8 %

PureCycle Technologies stock opened at $9.26 on Thursday. PureCycle Technologies has a 12 month low of $2.38 and a 12 month high of $10.68. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67. The company’s fifty day simple moving average is $7.11 and its 200-day simple moving average is $6.14.

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

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.