PureCycle Technologies, Inc. (NASDAQ:PCT) Receives Average Recommendation of "Moderate Buy" from Analysts

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the six brokerages that are presently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $10.60.

A number of equities research analysts have recently issued reports on the stock. Craig Hallum upped their target price on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a "hold" rating in a report on Friday, August 9th. TD Cowen increased their price target on shares of PureCycle Technologies from $10.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday. Stifel Nicolaus increased their price target on shares of PureCycle Technologies from $8.00 to $15.00 and gave the stock a "buy" rating in a research report on Tuesday, November 12th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $14.00 price target on shares of PureCycle Technologies in a research report on Tuesday.

Insider Activity at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the stock in a transaction dated Friday, September 13th. The shares were purchased at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following 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 14.81 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 11.44% of the stock is currently owned by company insiders.

Institutional Trading of PureCycle Technologies

Several institutional investors and hedge funds have recently made changes to their positions in PCT. FMR LLC boosted its position in PureCycle Technologies by 0.5% in the third quarter. FMR LLC now owns 230,755 shares of the company's stock valued at $2,192,000 after buying an additional 1,083 shares during the last quarter. Fortis Group Advisors LLC lifted its stake in shares of PureCycle Technologies by 12.5% in the third quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company's stock worth $117,000 after buying an additional 1,376 shares in the last quarter. Patriot Financial Group Insurance Agency LLC increased its position in PureCycle Technologies by 7.4% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 26,846 shares of the company's stock worth $159,000 after purchasing an additional 1,850 shares during the last quarter. Hsbc Holdings PLC increased its position in PureCycle Technologies by 11.4% during the second quarter. Hsbc Holdings PLC now owns 18,619 shares of the company's stock worth $111,000 after purchasing an additional 1,910 shares during the last quarter. Finally, Foster Victor Wealth Advisors LLC increased its position in PureCycle Technologies by 6.7% during the second quarter. Foster Victor Wealth Advisors LLC now owns 31,951 shares of the company's stock worth $192,000 after purchasing an additional 2,000 shares during the last quarter. 63.01% of the stock is currently owned by institutional investors.

PureCycle Technologies Stock Performance

PCT stock traded up $0.21 during midday trading on Friday, hitting $11.90. 1,756,838 shares of the company traded hands, compared to its average volume of 2,377,912. PureCycle Technologies has a twelve month low of $2.38 and a twelve month high of $15.58. The company has a quick ratio of 0.54, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of -7.79 and a beta of 1.56. The business has a 50 day simple moving average of $10.83 and a 200-day simple moving average of $7.57.

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.