PureCycle Technologies (NASDAQ:PCT) Receives "Overweight" Rating from Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of PureCycle Technologies (NASDAQ:PCT - Free Report) in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a $14.00 price objective on the stock.

Several other analysts also recently commented on PCT. Stifel Nicolaus upped 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. Craig Hallum upped their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a "hold" rating in a research report on Friday, August 9th. Finally, TD Cowen upped their price objective on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a "buy" rating in a research report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $9.60.

PureCycle Technologies Stock Up 0.6 %

Shares of PureCycle Technologies stock traded up $0.07 during trading hours on Tuesday, hitting $11.67. The company had a trading volume of 1,542,943 shares, compared to its average volume of 2,384,244. The company's 50-day moving average is $10.51 and its two-hundred day moving average is $7.47. PureCycle Technologies has a twelve month low of $2.38 and a twelve 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 company has a market cap of $1.93 billion, a P/E ratio of -7.63 and a beta of 1.56.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the business's stock in a transaction dated Friday, September 13th. The stock was acquired at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the acquisition, the insider now directly owns 33,050,456 shares of the company's stock, valued at $155,006,638.64. This trade represents a 14.81 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.09% of the stock is owned by insiders.

Hedge Funds Weigh In On PureCycle Technologies

A number of large investors have recently made changes to their positions in the stock. Sylebra Capital LLC grew its stake 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 acquiring an additional 4,264,393 shares during the last quarter. Longview Asset Management LLC acquired a new stake in shares of PureCycle Technologies during the 2nd quarter worth about $57,521,000. Abundance Wealth Counselors boosted its stake in shares of PureCycle Technologies by 6.0% during the 2nd quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company's stock worth $42,562,000 after purchasing an additional 407,353 shares during the last quarter. Appian Way Asset Management LP boosted its stake in shares of PureCycle Technologies by 12.9% during the 3rd quarter. Appian Way Asset Management LP now owns 5,674,168 shares of the company's stock worth $53,905,000 after purchasing an additional 650,426 shares during the last quarter. Finally, Gladstone Institutional Advisory LLC boosted its stake in shares of PureCycle Technologies by 1.4% during the 3rd quarter. Gladstone Institutional Advisory LLC now owns 3,339,952 shares of the company's stock worth $31,730,000 after purchasing an additional 44,571 shares during the last quarter. Hedge funds and other institutional investors own 63.01% of the company's stock.

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.