PureCycle Technologies, Inc. (NASDAQ:PCT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

PureCycle Technologies, Inc. (NASDAQ:PCT) has earned a consensus rating of “Moderate Buy” from the six analysts that are covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $10.60.

Several equities research analysts have issued reports on the company. TD Cowen raised their price target on PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Stifel Nicolaus lifted their target price on shares of PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Craig Hallum increased their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 9th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price objective on shares of PureCycle Technologies in a report on Tuesday, November 19th.

Insider Transactions at PureCycle Technologies

In related news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of PureCycle Technologies stock in a transaction dated Friday, September 13th. The shares were bought at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the acquisition, the insider now owns 33,050,456 shares in the company, 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 SEC, which is available through this link. Insiders own 11.44% of the company’s stock.

Hedge Funds Weigh In On PureCycle Technologies

Hedge funds have recently bought and sold shares of the company. Lazard Asset Management LLC bought a new stake in shares of PureCycle Technologies during the 1st quarter worth approximately $255,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of PureCycle Technologies by 5.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 86,154 shares of the company’s stock valued at $536,000 after purchasing an additional 4,258 shares in the last quarter. Bayesian Capital Management LP bought a new position in shares of PureCycle Technologies in the 1st quarter valued at $98,000. Tidal Investments LLC acquired a new position in shares of PureCycle Technologies during the 1st quarter worth $70,000. Finally, Sanders Morris Harris LLC raised its holdings in shares of PureCycle Technologies by 11.1% during the 2nd quarter. Sanders Morris Harris LLC now owns 169,673 shares of the company’s stock worth $1,004,000 after buying an additional 16,978 shares in the last quarter. 63.01% of the stock is owned by institutional investors.

PureCycle Technologies Stock Performance

PCT opened at $13.20 on Friday. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. PureCycle Technologies has a 12-month low of $2.38 and a 12-month high of $15.58. The business has a 50 day moving average of $11.17 and a 200-day moving average of $7.81. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of -8.80 and a beta of 1.56.

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.