PureCycle Technologies, Inc. (NASDAQ:PCT) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) have been given a consensus recommendation of “Moderate Buy” by the six analysts that are presently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $10.60.

A number of brokerages have issued reports on PCT. TD Cowen increased their price target on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Stifel Nicolaus upped their price objective on shares of PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $14.00 target price on shares of PureCycle Technologies in a research note on Tuesday, November 19th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC raised its holdings in shares of PureCycle Technologies by 215.5% during the 3rd quarter. Tidal Investments LLC now owns 37,223 shares of the company’s stock worth $354,000 after acquiring an additional 25,424 shares during the period. Sanctuary Advisors LLC grew its stake in shares of PureCycle Technologies by 77.2% in the 3rd quarter. Sanctuary Advisors LLC now owns 206,339 shares of the company’s stock valued at $1,960,000 after buying an additional 89,875 shares during the period. Geode Capital Management LLC lifted its holdings in PureCycle Technologies by 3.0% in the third quarter. Geode Capital Management LLC now owns 3,124,445 shares of the company’s stock valued at $29,688,000 after acquiring an additional 92,469 shares during the last quarter. Sylebra Capital LLC grew its position in PureCycle Technologies by 14.6% in the third quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock worth $317,848,000 after acquiring an additional 4,264,393 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new stake in PureCycle Technologies in the third quarter valued at $289,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

PureCycle Technologies Stock Performance

PCT opened at $11.88 on Tuesday. The stock has a market cap of $2.06 billion, a P/E ratio of -7.92 and a beta of 1.53. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63. The firm has a fifty day moving average price of $12.07 and a 200 day moving average price of $8.52. PureCycle Technologies has a 1 year low of $2.38 and a 1 year high of $15.58.

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.