PureCycle Technologies, Inc. (NYSE:PCT) Receives Consensus Rating of “Hold” from Brokerages

PureCycle Technologies, Inc. (NYSE:PCT) has been given a consensus recommendation of “Hold” by the seven ratings firms that are presently covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $8.20.

PCT has been the topic of a number of recent research reports. TD Cowen lifted their price target on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Cantor Fitzgerald began coverage on shares of PureCycle Technologies in a report on Friday, October 18th. They set an “overweight” rating and a $14.00 target price on the stock. Craig Hallum upped their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus raised their price objective on PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Monday, August 12th.

PureCycle Technologies Price Performance

Shares of PureCycle Technologies stock opened at $14.12 on Monday. The business’s fifty day moving average price is $8.32 and its 200 day moving average price is $6.63. PureCycle Technologies has a twelve month low of $2.38 and a twelve month high of $15.58. 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 stock has a market capitalization of $2.32 billion, a P/E ratio of -13.84 and a beta of 1.63.

PureCycle Technologies (NYSE:PCT) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.13). As a group, research analysts anticipate that PureCycle Technologies will post -0.98 earnings per share for the current year.

Insider Activity

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the stock in a transaction dated Friday, September 13th. The stock was bought at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the purchase, the insider now directly owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 11.44% of the company’s stock.

Hedge Funds Weigh In On PureCycle Technologies

Institutional investors have recently made changes to their positions in the business. Longview Asset Management LLC bought a new position in shares of PureCycle Technologies during the second quarter worth about $57,521,000. Abundance Wealth Counselors grew its position in shares of PureCycle Technologies by 6.0% in the 2nd quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock worth $42,562,000 after acquiring an additional 407,353 shares in the last quarter. Long Focus Capital Management LLC increased its holdings in shares of PureCycle Technologies by 3.2% in the 2nd quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company’s stock valued at $14,230,000 after acquiring an additional 75,000 shares during the last quarter. SWS Partners raised its position in shares of PureCycle Technologies by 3.3% during the 2nd quarter. SWS Partners now owns 895,545 shares of the company’s stock valued at $5,302,000 after acquiring an additional 28,397 shares in the last quarter. Finally, Van ECK Associates Corp bought a new position in PureCycle Technologies during the second quarter worth $3,121,000. 63.01% of the stock is owned by institutional investors and hedge funds.

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.