PureCycle Technologies’ (PCT) Overweight Rating Reiterated at Cantor Fitzgerald

PureCycle Technologies (NASDAQ:PCT)‘s stock had its “overweight” rating reissued by equities researchers at Cantor Fitzgerald in a report issued on Tuesday,Benzinga reports. They presently have a $14.00 price target on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 22.27% from the company’s previous close.

Several other brokerages have also issued reports on PCT. Stifel Nicolaus raised their price target on shares of PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Craig Hallum raised their target price on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, TD Cowen upped their price target on PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $9.60.

PureCycle Technologies Price Performance

PCT opened at $11.45 on Tuesday. The firm has a market cap of $1.89 billion, a P/E ratio of -7.63 and a beta of 1.56. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67. PureCycle Technologies has a fifty-two week low of $2.38 and a fifty-two week high of $15.58. The firm has a 50-day moving average of $10.51 and a 200 day moving average of $7.47.

Insider Buying and Selling at PureCycle Technologies

In related news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of PureCycle Technologies stock in a transaction on Friday, September 13th. The stock was acquired at an average price of $4.69 per share, with a total value 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 represents a 14.81 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.09% of the company’s stock.

Institutional Investors Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently modified their holdings of PCT. Geode Capital Management LLC increased its holdings in PureCycle Technologies by 3.0% during 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 period. Sylebra Capital LLC increased 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 worth $317,848,000 after purchasing an additional 4,264,393 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of PureCycle Technologies in the third quarter worth $289,000. State Street Corp boosted 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 buying an additional 21,706 shares during the period. Finally, IHT Wealth Management LLC purchased a new position in PureCycle Technologies during the third quarter worth about $485,000. 63.01% of the stock is owned by hedge funds and other 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.