PureCycle Technologies (NASDAQ:PCT) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

PureCycle Technologies (NASDAQ:PCT) had its price objective upped by Stifel Nicolaus from $8.00 to $15.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

PCT has been the topic of several other reports. TD Cowen raised their price target on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Cantor Fitzgerald assumed coverage on shares of PureCycle Technologies in a research report on Friday, October 18th. They issued an “overweight” rating and a $14.00 price objective for the company. Finally, Craig Hallum boosted their target price on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, PureCycle Technologies has an average rating of “Moderate Buy” and an average target price of $9.60.

PureCycle Technologies Stock Down 0.3 %

PCT traded down $0.03 on Tuesday, hitting $11.11. 752,598 shares of the company were exchanged, compared to its average volume of 2,383,866. The company has a current ratio of 0.67, a quick ratio of 0.54 and a debt-to-equity ratio of 1.06. The company has a market cap of $1.83 billion, a price-to-earnings ratio of -11.51 and a beta of 1.56. The firm has a 50-day moving average price of $10.25 and a two-hundred day moving average price of $7.34. PureCycle Technologies has a twelve month low of $2.38 and a twelve month high of $15.58.

Insider Transactions at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were acquired at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the transaction, the insider now owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. The trade was a 14.81 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 11.44% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Algert Global LLC bought a new stake in PureCycle Technologies in the second quarter worth about $69,000. Tidal Investments LLC acquired a new stake in PureCycle Technologies during the first quarter valued at approximately $70,000. Bayesian Capital Management LP bought a new stake in PureCycle Technologies during the first quarter worth approximately $98,000. Park Edge Advisors LLC acquired a new position in PureCycle Technologies in the third quarter worth approximately $100,000. Finally, Hsbc Holdings PLC lifted its position in shares of PureCycle Technologies by 11.4% during the 2nd quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock valued at $111,000 after acquiring an additional 1,910 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.

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.