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

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) 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.

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:PCT) 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

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.