PureCycle Technologies (NASDAQ:PCT) Trading 7.3% Higher – Here’s Why

PureCycle Technologies, Inc. (NASDAQ:PCT) traded up 7.3% during trading on Friday . The company traded as high as $9.65 and last traded at $9.60. 708,614 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 1,944,164 shares. The stock had previously closed at $8.95.

Wall Street Analyst Weigh In

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

PureCycle Technologies Stock Performance

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 50-day simple moving average of $10.08 and a 200-day simple moving average of $9.67.

Insider Transactions at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc bought 619,925 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The shares were bought at an average price of $8.06 per share, with a total value of $4,996,595.50. Following the purchase, the insider now owns 34,077,574 shares of the company’s stock, valued at $274,665,246.44. This trade represents a 1.85 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 11.44% of the company’s stock.

Institutional Trading of PureCycle Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Northern Trust Corp raised its stake in PureCycle Technologies by 7.5% during the 4th quarter. Northern Trust Corp now owns 1,240,393 shares of the company’s stock valued at $12,714,000 after purchasing an additional 86,233 shares during the period. The Manufacturers Life Insurance Company grew its holdings in PureCycle Technologies by 9.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 70,486 shares of the company’s stock valued at $722,000 after buying an additional 6,290 shares in the last quarter. Gilder Gagnon Howe & Co. LLC purchased a new position in PureCycle Technologies during the 4th quarter valued at approximately $804,000. T. Rowe Price Investment Management Inc. purchased a new position in PureCycle Technologies during the 4th quarter valued at approximately $13,859,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in PureCycle Technologies by 9.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 108,035 shares of the company’s stock valued at $1,108,000 after buying an additional 8,959 shares in the last quarter. 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.