PureCycle Technologies (NASDAQ:PCT) Shares Gap Up - Still a Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $9.31, but opened at $10.72. PureCycle Technologies shares last traded at $10.94, with a volume of 1,462,824 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PCT shares. Stifel Nicolaus boosted their price objective on PureCycle Technologies from $8.00 to $15.00 and gave the stock a "buy" rating in a research note on Tuesday, November 12th. Cantor Fitzgerald reissued an "overweight" rating and set a $14.00 target price on shares of PureCycle Technologies in a research report on Tuesday, November 19th. Finally, TD Cowen raised their price target on PureCycle Technologies from $10.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, November 20th.

PureCycle Technologies Price Performance

The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $1.71 billion, a PE ratio of -6.55 and a beta of 1.58. The stock's 50-day moving average is $9.87 and its two-hundred day moving average is $9.76.

Insider Activity

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc acquired 619,925 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The stock was bought at an average price of $8.06 per share, for a total transaction of $4,996,595.50. Following the acquisition, the insider now directly owns 34,077,574 shares in the company, valued at $274,665,246.44. The trade was a 1.85 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 11.44% of the company's stock.

Institutional Trading of PureCycle Technologies

Several institutional investors and hedge funds have recently made changes to their positions in PCT. Highview Capital Management LLC DE bought a new position in shares of PureCycle Technologies in the fourth quarter worth about $324,000. Sylebra Capital LLC boosted its position in PureCycle Technologies by 14.6% in the 3rd quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company's stock valued at $317,848,000 after buying an additional 4,264,393 shares during the period. Verus Capital Partners LLC grew its stake in PureCycle Technologies by 465.8% in the 3rd quarter. Verus Capital Partners LLC now owns 127,540 shares of the company's stock worth $1,212,000 after acquiring an additional 105,000 shares in the last quarter. IHT Wealth Management LLC purchased a new position in shares of PureCycle Technologies during the third quarter worth approximately $485,000. Finally, Drive Wealth Management LLC raised its stake in shares of PureCycle Technologies by 767.7% during the fourth quarter. Drive Wealth Management LLC now owns 308,027 shares of the company's stock valued at $3,157,000 after acquiring an additional 272,527 shares in the last quarter. 63.01% of the stock is currently owned by institutional investors.

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.