PureCycle Technologies (NASDAQ:PCT) Price Target Raised to $15.00

PureCycle Technologies (NASDAQ:PCT) had its price target upped by TD Cowen from $10.00 to $15.00 in a research report released on Wednesday, MarketBeat Ratings reports. They currently have a buy rating on the stock.

Several other analysts also recently issued reports on the stock. Craig Hallum lifted their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Stifel Nicolaus lifted their price target on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $14.00 price target on shares of PureCycle Technologies in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.60.

PureCycle Technologies Stock Performance

NASDAQ:PCT opened at $11.93 on Wednesday. The company has a fifty day moving average of $10.89 and a 200-day moving average of $7.62. The firm has a market capitalization of $2.07 billion, a P/E ratio of -7.95 and a beta of 1.56. The company has a quick ratio of 0.54, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. PureCycle Technologies has a twelve month low of $2.38 and a twelve month high of $15.58.

Insiders Place Their Bets

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

Hedge Funds Weigh In On PureCycle Technologies

Hedge funds have recently bought and sold shares of the company. Park Edge Advisors LLC purchased a new position in PureCycle Technologies during the 3rd quarter worth $100,000. Tidal Investments LLC purchased a new position in shares of PureCycle Technologies in the 1st quarter worth about $70,000. Algert Global LLC purchased a new position in shares of PureCycle Technologies in the 2nd quarter worth about $69,000. Fortis Group Advisors LLC boosted its holdings in shares of PureCycle Technologies by 12.5% in the 3rd quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock worth $117,000 after buying an additional 1,376 shares during the last quarter. Finally, Prospera Private Wealth LLC boosted its holdings in shares of PureCycle Technologies by 35.9% in the 3rd quarter. Prospera Private Wealth LLC now owns 15,436 shares of the company’s stock worth $147,000 after buying an additional 4,080 shares during the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.

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.