PureCycle Technologies, Inc. (NASDAQ:PCT) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) have received an average recommendation of “Moderate Buy” from the six research firms that are presently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $10.60.

A number of equities research analysts recently weighed in on the company. Craig Hallum boosted their price objective on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Stifel Nicolaus upped their price objective on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. TD Cowen lifted their target price on shares of PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price target on shares of PureCycle Technologies in a research report on Tuesday, November 19th.

PureCycle Technologies Stock Performance

NASDAQ PCT opened at $13.20 on Friday. The firm’s fifty day moving average price is $11.17 and its two-hundred day moving average price is $7.81. The stock has a market cap of $2.29 billion, a PE ratio of -8.80 and a beta of 1.56. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74. PureCycle Technologies has a fifty-two week low of $2.38 and a fifty-two week high of $15.58.

Insider Buying and Selling

In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was acquired 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 directly owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. This represents a 14.81 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 11.44% of the stock is owned by insiders.

Institutional Trading of PureCycle Technologies

A number of large investors have recently bought and sold shares of PCT. Tidal Investments LLC boosted its position in shares of PureCycle Technologies by 215.5% during the 3rd quarter. Tidal Investments LLC now owns 37,223 shares of the company’s stock valued at $354,000 after purchasing an additional 25,424 shares in the last quarter. Sanctuary Advisors LLC lifted its stake in PureCycle Technologies by 77.2% in the third quarter. Sanctuary Advisors LLC now owns 206,339 shares of the company’s stock valued at $1,960,000 after buying an additional 89,875 shares during the period. Geode Capital Management LLC boosted its holdings in shares of PureCycle Technologies by 3.0% during the 3rd quarter. Geode Capital Management LLC now owns 3,124,445 shares of the company’s stock worth $29,688,000 after buying an additional 92,469 shares in the last quarter. Sylebra Capital LLC boosted its holdings in shares of PureCycle Technologies by 14.6% during the 3rd quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock worth $317,848,000 after buying an additional 4,264,393 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of PureCycle Technologies during the 3rd quarter worth approximately $289,000. 63.01% of the stock is currently 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.