PureCycle Technologies (NYSE:PCT) Shares Gap Up – Time to Buy?

PureCycle Technologies, Inc. (NYSE:PCT)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $14.30, but opened at $14.74. PureCycle Technologies shares last traded at $14.06, with a volume of 929,005 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently weighed in on PCT shares. Stifel Nicolaus increased their target price on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Cantor Fitzgerald assumed coverage on shares of PureCycle Technologies in a research report on Friday, October 18th. They issued an “overweight” rating and a $14.00 target price on the stock. Craig Hallum upped their price target 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. Finally, TD Cowen lifted their price target on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $8.20.

PureCycle Technologies Stock Up 0.5 %

The firm’s 50-day moving average price is $8.15 and its 200-day moving average price is $6.56. 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 company has a market cap of $2.37 billion, a price-to-earnings ratio of -15.65 and a beta of 1.63.

PureCycle Technologies (NYSE:PCT) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.13). Sell-side analysts forecast that PureCycle Technologies, Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were bought at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the purchase, the insider now directly owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 11.44% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PCT. Ensign Peak Advisors Inc acquired a new position in shares of PureCycle Technologies in the 2nd quarter valued at approximately $311,000. Abundance Wealth Counselors grew its holdings in PureCycle Technologies by 6.0% during the 2nd quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock worth $42,562,000 after acquiring an additional 407,353 shares in the last quarter. Longview Asset Management LLC bought a new stake in shares of PureCycle Technologies in the 2nd quarter worth about $57,521,000. Marshall Wace LLP acquired a new stake in shares of PureCycle Technologies in the 2nd quarter valued at about $322,000. Finally, Sanctuary Advisors LLC bought a new stake in PureCycle Technologies in the second quarter valued at about $689,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Company Profile

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.