PureCycle Technologies (NYSE:PCT) Research Coverage Started at Cantor Fitzgerald

Cantor Fitzgerald began coverage on shares of PureCycle Technologies (NYSE:PCT - Free Report) in a research report report published on Friday, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $14.00 target price on the stock.

A number of other equities analysts have also weighed in on the company. Stifel Nicolaus increased their price target on PureCycle Technologies from $7.00 to $8.00 and gave the company a "buy" rating in a research report on Monday, August 12th. TD Cowen increased their price target on PureCycle Technologies from $7.50 to $10.00 and gave the company a "buy" rating in a research report on Friday, August 9th. Finally, Craig Hallum increased their price target on PureCycle Technologies from $4.00 to $6.00 and gave the company a "hold" rating in a research report on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $8.20.

PureCycle Technologies Price Performance

NYSE:PCT traded up $0.70 during mid-day trading on Friday, reaching $10.68. 4,774,467 shares of the stock were exchanged, compared to its average volume of 2,261,476. The business has a fifty day moving average price of $7.65 and a 200 day moving average price of $6.39. The firm has a market capitalization of $1.76 billion, a PE ratio of -10.47 and a beta of 1.63. PureCycle Technologies has a 1-year low of $2.38 and a 1-year high of $11.25. The company has a current ratio of 0.67, a quick ratio of 0.54 and a debt-to-equity ratio of 1.06.

PureCycle Technologies (NYSE:PCT - Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.13). Research analysts expect that PureCycle Technologies will post -0.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the firm's stock in a transaction on Friday, September 13th. The stock was purchased at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the transaction, the insider now owns 33,050,456 shares of the company's stock, valued at $155,006,638.64. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 11.44% of the company's stock.

Institutional Investors Weigh In On PureCycle Technologies

A number of institutional investors have recently bought and sold shares of the business. Virtu Financial LLC purchased a new stake in shares of PureCycle Technologies during the 4th quarter worth about $202,000. Abundance Wealth Counselors raised its stake in shares of PureCycle Technologies by 21.0% during the 1st quarter. Abundance Wealth Counselors now owns 6,782,137 shares of the company's stock worth $42,185,000 after purchasing an additional 1,178,570 shares in the last quarter. Fortis Group Advisors LLC purchased a new stake in shares of PureCycle Technologies during the 1st quarter worth about $67,000. Almanack Investment Partners LLC. raised its stake in shares of PureCycle Technologies by 59.1% during the 1st quarter. Almanack Investment Partners LLC. now owns 41,310 shares of the company's stock worth $257,000 after purchasing an additional 15,341 shares in the last quarter. Finally, RIA Advisory Group LLC raised its stake in shares of PureCycle Technologies by 335.1% during the 1st quarter. RIA Advisory Group LLC now owns 43,512 shares of the company's stock worth $271,000 after purchasing an additional 33,512 shares in the last quarter. 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.