Brokerages Set PureCycle Technologies, Inc. (NASDAQ:PCT) PT at $10.60

PureCycle Technologies, Inc. (NASDAQ:PCT) has received a consensus recommendation of “Moderate Buy” from the six research firms that are covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $10.60.

Several research analysts have recently weighed in on PCT shares. Stifel Nicolaus upped their target price on PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Craig Hallum lifted their target price on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 target price on shares of PureCycle Technologies in a report on Tuesday, November 19th. Finally, TD Cowen raised their price target on shares of PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th.

PureCycle Technologies Price Performance

NASDAQ PCT opened at $11.93 on Friday. PureCycle Technologies has a 1 year low of $2.38 and a 1 year high of $15.58. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 0.54. The company has a market cap of $2.07 billion, a price-to-earnings ratio of -7.95 and a beta of 1.56. The stock’s fifty day moving average price is $10.89 and its 200 day moving average price is $7.66.

Insider Activity at PureCycle Technologies

In related news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the business’s stock in a transaction 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 acquisition, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. This trade represents a 14.81 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 11.44% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Park Edge Advisors LLC purchased a new stake in shares of PureCycle Technologies during the 3rd quarter worth approximately $100,000. Tidal Investments LLC purchased a new position in PureCycle Technologies during the 1st quarter valued at about $70,000. Algert Global LLC purchased a new stake in shares of PureCycle Technologies in the second quarter valued at about $69,000. Fortis Group Advisors LLC increased 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. Finally, Prospera Private Wealth LLC raised its holdings in shares of PureCycle Technologies by 35.9% in the third quarter. Prospera Private Wealth LLC now owns 15,436 shares of the company’s stock worth $147,000 after acquiring an additional 4,080 shares during the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.

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.