PureCycle Technologies (NASDAQ:PCT) Given New $15.00 Price Target at TD Cowen

PureCycle Technologies (NASDAQ:PCT - Free Report) had its target price raised by TD Cowen from $10.00 to $15.00 in a research report report published on Wednesday morning, MarketBeat.com reports. TD Cowen currently has a buy rating on the stock.

PCT has been the subject of a number of other research reports. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $14.00 price target on shares of PureCycle Technologies in a research note on Tuesday. Craig Hallum raised their target price on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a "hold" rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus boosted their price target on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.60.

PureCycle Technologies Trading Up 2.7 %

PCT traded up $0.32 during trading on Wednesday, hitting $11.99. 2,236,877 shares of the stock traded hands, compared to its average volume of 2,384,843. The firm has a market capitalization of $1.98 billion, a P/E ratio of -8.35 and a beta of 1.56. PureCycle Technologies has a 12-month low of $2.38 and a 12-month high of $15.58. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.67 and a quick ratio of 0.54. The firm has a 50-day moving average of $10.65 and a 200 day moving average of $7.51.

Insider Buying and Selling at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the business's stock in a transaction on Friday, September 13th. The shares were acquired at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the purchase, the insider now owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This trade represents a 14.81 % 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. Insiders own 2.09% of the company's stock.

Institutional Trading of PureCycle Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC increased its stake in PureCycle Technologies by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 3,124,445 shares of the company's stock worth $29,688,000 after acquiring an additional 92,469 shares during the last quarter. Sylebra Capital LLC grew its holdings in shares of PureCycle Technologies by 14.6% in the third quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company's stock valued at $317,848,000 after purchasing an additional 4,264,393 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in PureCycle Technologies in the third quarter worth $289,000. State Street Corp raised its stake in PureCycle Technologies by 0.8% during the third quarter. State Street Corp now owns 2,809,178 shares of the company's stock valued at $26,687,000 after purchasing an additional 21,706 shares in the last quarter. Finally, IHT Wealth Management LLC bought a new position in PureCycle Technologies during the third quarter valued at $485,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

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.