PureCycle Technologies (NYSE:PCT) Stock Price Up 7%

PureCycle Technologies, Inc. (NYSE:PCT)’s stock price rose 7% during trading on Thursday . The stock traded as high as $8.75 and last traded at $8.72. Approximately 393,481 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 2,238,552 shares. The stock had previously closed at $8.15.

Analyst Ratings Changes

A number of analysts recently weighed in on PCT shares. Stifel Nicolaus boosted their target price on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Craig Hallum boosted 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 raised their target price on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $6.75.

PureCycle Technologies Trading Up 15.6 %

The company has a fifty day moving average of $6.40 and a 200-day moving average of $5.81. The company has a current ratio of 0.67, a quick ratio of 0.54 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of -9.05 and a beta of 1.60.

PureCycle Technologies (NYSE:PCT) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). As a group, equities research analysts anticipate that PureCycle Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Insider Activity

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of PureCycle Technologies stock in a transaction on Friday, September 13th. The shares were bought at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the acquisition, the insider now directly owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. 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

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Patriot Financial Group Insurance Agency LLC boosted its stake in shares of PureCycle Technologies by 7.4% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 26,846 shares of the company’s stock valued at $159,000 after purchasing an additional 1,850 shares during the period. Hsbc Holdings PLC grew its stake in shares of PureCycle Technologies by 11.4% in the second quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock worth $111,000 after purchasing an additional 1,910 shares in the last quarter. Foster Victor Wealth Advisors LLC lifted its stake in shares of PureCycle Technologies by 6.7% in the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 31,951 shares of the company’s stock worth $192,000 after acquiring an additional 2,000 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in PureCycle Technologies by 1.1% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 183,600 shares of the company’s stock valued at $1,087,000 after purchasing an additional 2,083 shares in the last quarter. Finally, Arizona State Retirement System grew its holdings in PureCycle Technologies by 10.0% during the second quarter. Arizona State Retirement System now owns 32,225 shares of the company’s stock worth $191,000 after acquiring an additional 2,918 shares during the period. Institutional investors and hedge funds 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.