PureCycle Technologies (NASDAQ:PCT) Shares Gap Up – Here’s What Happened

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) gapped up prior to trading on Tuesday . The stock had previously closed at $9.31, but opened at $10.72. PureCycle Technologies shares last traded at $10.94, with a volume of 1,462,824 shares changing hands.

Analysts Set New Price Targets

Several brokerages have recently commented on PCT. Stifel Nicolaus increased their target price on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 target price on shares of PureCycle Technologies in a report on Tuesday, November 19th. Finally, TD Cowen increased their target price on shares of PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, November 20th.

PureCycle Technologies Price Performance

The business’s fifty day moving average is $9.94 and its 200-day moving average is $9.73. 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 market cap of $1.84 billion, a PE ratio of -7.05 and a beta of 1.58.

Insider Buying and Selling

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc bought 619,925 shares of PureCycle Technologies stock in a transaction dated Thursday, February 6th. The stock was purchased at an average price of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the purchase, the insider now directly owns 34,077,574 shares of the company’s stock, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 11.44% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PureCycle Technologies

Several large investors have recently modified their holdings of the business. Highview Capital Management LLC DE bought a new position in shares of PureCycle Technologies in the fourth quarter valued at approximately $324,000. Sylebra Capital LLC lifted its holdings in shares of PureCycle Technologies by 14.6% in the 3rd 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 last quarter. Verus Capital Partners LLC lifted its holdings in shares of PureCycle Technologies by 465.8% in the 3rd quarter. Verus Capital Partners LLC now owns 127,540 shares of the company’s stock worth $1,212,000 after acquiring an additional 105,000 shares during the last quarter. IHT Wealth Management LLC bought a new stake in shares of PureCycle Technologies in the 3rd quarter worth approximately $485,000. Finally, Drive Wealth Management LLC lifted its holdings in shares of PureCycle Technologies by 767.7% in the 4th quarter. Drive Wealth Management LLC now owns 308,027 shares of the company’s stock worth $3,157,000 after acquiring an additional 272,527 shares during the last quarter. Hedge funds and other institutional investors 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.