PureCycle Technologies (NASDAQ:PCT) Trading 7.3% Higher - Here's What Happened

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report) shares shot up 7.3% during mid-day trading on Friday . The company traded as high as $9.65 and last traded at $9.60. 708,614 shares were traded during mid-day trading, a decline of 64% from the average session volume of 1,944,164 shares. The stock had previously closed at $8.95.

Wall Street Analysts Forecast Growth

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

PureCycle Technologies Trading Up 17.7 %

The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $1.90 billion, a P/E ratio of -7.32 and a beta of 1.58. The firm's 50-day simple moving average is $10.02 and its 200 day simple moving average is $9.70.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc bought 619,925 shares of the business's stock in a transaction dated Thursday, February 6th. The shares were bought at an average cost of $8.06 per share, with a total value of $4,996,595.50. Following the completion of the transaction, the insider now directly owns 34,077,574 shares of the company's stock, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 11.44% of the company's stock.

Hedge Funds Weigh In On PureCycle Technologies

A number of institutional investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp lifted its stake in PureCycle Technologies by 286.0% during the fourth quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company's stock valued at $32,000 after buying an additional 2,291 shares in the last quarter. Sterling Capital Management LLC lifted its position in shares of PureCycle Technologies by 775.3% in the 4th quarter. Sterling Capital Management LLC now owns 3,230 shares of the company's stock valued at $33,000 after acquiring an additional 2,861 shares in the last quarter. US Bancorp DE lifted its position in shares of PureCycle Technologies by 141.5% in the 4th quarter. US Bancorp DE now owns 3,446 shares of the company's stock valued at $35,000 after acquiring an additional 2,019 shares in the last quarter. Brown Brothers Harriman & Co. acquired a new position in PureCycle Technologies in the 4th quarter worth approximately $80,000. Finally, Park Edge Advisors LLC purchased a new position in PureCycle Technologies during the 3rd quarter worth approximately $100,000. Hedge funds and other institutional investors own 63.01% of the company's stock.

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.