Analysts Set PureCycle Technologies, Inc. (NASDAQ:PCT) Price Target at $8.20

Shares of PureCycle Technologies, Inc. (NASDAQ:PCTGet Free Report) have earned a consensus recommendation of “Hold” from the seven research firms that are presently covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $8.20.

PCT has been the topic of a number of recent analyst reports. TD Cowen increased their target price on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Stifel Nicolaus increased their target price on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Craig Hallum increased their target price on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Finally, Cantor Fitzgerald initiated coverage on PureCycle Technologies in a research note on Friday, October 18th. They issued an “overweight” rating and a $14.00 target price on the stock.

Check Out Our Latest Stock Report on PCT

Insider Activity

In related news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were bought at an average price of $4.69 per share, with a total value 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. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 11.44% of the company’s stock.

Institutional Investors Weigh In On PureCycle Technologies

Institutional investors have recently added to or reduced their stakes in the stock. Longview Asset Management LLC acquired a new stake in PureCycle Technologies in the second quarter worth about $57,521,000. Abundance Wealth Counselors boosted its holdings in PureCycle Technologies by 6.0% in the second quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock worth $42,562,000 after acquiring an additional 407,353 shares in the last quarter. Gladstone Institutional Advisory LLC lifted its holdings in shares of PureCycle Technologies by 1.4% during the third quarter. Gladstone Institutional Advisory LLC now owns 3,339,952 shares of the company’s stock worth $31,730,000 after purchasing an additional 44,571 shares during the period. Long Focus Capital Management LLC lifted its holdings in shares of PureCycle Technologies by 3.2% during the second quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company’s stock worth $14,230,000 after purchasing an additional 75,000 shares during the period. Finally, SWS Partners lifted its holdings in shares of PureCycle Technologies by 3.3% during the second quarter. SWS Partners now owns 895,545 shares of the company’s stock worth $5,302,000 after purchasing an additional 28,397 shares during the period. Institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Stock Performance

NASDAQ:PCT opened at $13.48 on Monday. The stock’s fifty day moving average is $8.80 and its 200 day moving average is $6.79. PureCycle Technologies has a fifty-two week low of $2.38 and a fifty-two week high of $15.58. The firm has a market capitalization of $2.22 billion, a PE ratio of -14.04 and a beta of 1.63. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67.

PureCycle Technologies (NASDAQ:PCTGet Free Report) last released its quarterly 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 anticipate that PureCycle Technologies will post -0.98 earnings per share for the current year.

PureCycle Technologies Company Profile

(Get Free Report

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.

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Analyst Recommendations for PureCycle Technologies (NASDAQ:PCT)

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