Brokerages Set PureCycle Technologies, Inc. (NYSE:PCT) Price Target at $6.75

Shares of PureCycle Technologies, Inc. (NYSE:PCT) have been assigned a consensus rating of “Hold” from the six ratings firms that are covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $6.75.

Several brokerages have commented on PCT. Stifel Nicolaus boosted their price target on shares of 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 price target on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Finally, TD Cowen lifted their price objective on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th.

Institutional Investors Weigh In On PureCycle Technologies

Several large investors have recently added to or reduced their stakes in PCT. Algert Global LLC purchased a new position in shares of PureCycle Technologies in the 2nd quarter worth approximately $69,000. Long Focus Capital Management LLC raised its stake in shares of PureCycle Technologies by 3.2% in the second quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company’s stock valued at $14,230,000 after acquiring an additional 75,000 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of PureCycle Technologies by 7.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,359 shares of the company’s stock worth $286,000 after acquiring an additional 3,405 shares during the last quarter. Dark Forest Capital Management LP purchased a new position in shares of PureCycle Technologies during the 2nd quarter worth about $224,000. Finally, Marshall Wace LLP bought a new position in PureCycle Technologies during the 2nd quarter valued at about $322,000. 63.01% of the stock is owned by institutional investors.

PureCycle Technologies Trading Down 0.5 %

PureCycle Technologies stock opened at $5.64 on Wednesday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.67 and a quick ratio of 0.54. The firm’s 50 day moving average price is $6.13 and its 200-day moving average price is $5.65. PureCycle Technologies has a 1 year low of $2.38 and a 1 year high of $9.93. The stock has a market cap of $928.52 million, a P/E ratio of -5.53 and a beta of 1.62.

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.