PureCycle Technologies (NYSE:PCT) Trading Up 5.5% – Still a Buy?

Shares of PureCycle Technologies, Inc. (NYSE:PCT) traded up 5.5% on Wednesday . The company traded as high as $10.30 and last traded at $10.27. 851,205 shares were traded during trading, a decline of 62% from the average session volume of 2,237,481 shares. The stock had previously closed at $9.73.

Analysts Set New Price Targets

Several equities research analysts have commented on PCT shares. Craig Hallum boosted their target price on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. TD Cowen upped their target price on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus upped their price target on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, PureCycle Technologies has a consensus rating of “Hold” and an average price target of $6.75.

PureCycle Technologies Price Performance

The company has a 50-day moving average of $7.40 and a two-hundred day moving average of $6.30. The stock has a market capitalization of $1.70 billion, a PE ratio of -10.16 and a beta of 1.63. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.67 and a quick ratio of 0.54.

PureCycle Technologies (NYSE:PCT) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.13). Sell-side analysts predict that PureCycle Technologies, Inc. will post -0.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was bought at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the purchase, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 11.44% of the stock is currently owned by corporate insiders.

Institutional Trading of PureCycle Technologies

Several large investors have recently added to or reduced their stakes in PCT. Virtu Financial LLC purchased a new stake in shares of PureCycle Technologies during the fourth quarter worth $202,000. Abundance Wealth Counselors raised its position in PureCycle Technologies by 21.0% during the first quarter. Abundance Wealth Counselors now owns 6,782,137 shares of the company’s stock valued at $42,185,000 after acquiring an additional 1,178,570 shares in the last quarter. Fortis Group Advisors LLC acquired a new stake in PureCycle Technologies in the first quarter valued at approximately $67,000. Almanack Investment Partners LLC. lifted its stake in shares of PureCycle Technologies by 59.1% in the 1st quarter. Almanack Investment Partners LLC. now owns 41,310 shares of the company’s stock valued at $257,000 after purchasing an additional 15,341 shares during the last quarter. Finally, RIA Advisory Group LLC increased its holdings in shares of PureCycle Technologies by 335.1% during the 1st quarter. RIA Advisory Group LLC now owns 43,512 shares of the company’s stock valued at $271,000 after acquiring an additional 33,512 shares during the last quarter. 63.01% of the stock is owned by institutional investors and hedge funds.

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.