PureCycle Technologies (NYSE:PCT) Shares Gap Up - What's Next?

Shares of PureCycle Technologies, Inc. (NYSE:PCT - Get Free Report) 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.

Wall Street Analyst Weigh In

Several research firms recently commented on PCT. Craig Hallum raised their target price on 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 boosted their target price on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a "buy" rating in a research note on Friday, August 9th. Cantor Fitzgerald started coverage on shares of PureCycle Technologies in a research report on Friday, October 18th. They set an "overweight" rating and a $14.00 target price for the company. Finally, Stifel Nicolaus boosted their price target on shares of PureCycle Technologies from $7.00 to $8.00 and gave the company a "buy" rating in a research report on Monday, August 12th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $8.20.

PureCycle Technologies Trading Down 1.3 %

The company's 50-day moving average is $8.15 and its 200-day moving average is $6.56. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -14.97 and a beta of 1.63.

PureCycle Technologies (NYSE:PCT - Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.13). On average, research analysts predict that PureCycle Technologies, Inc. will post -0.98 earnings per share for the current year.

Insider Buying and Selling at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the company's stock in a transaction dated Friday, September 13th. The stock was bought at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the transaction, the insider now directly owns 33,050,456 shares in the company, valued at $155,006,638.64. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 11.44% of the company's stock.

Institutional Inflows and Outflows

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