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

Cantor Fitzgerald reiterated their overweight rating on shares of PureCycle Technologies (NASDAQ:PCT) in a research report sent to investors on Tuesday morning,Benzinga reports. Cantor Fitzgerald currently has a $14.00 target price on the stock.

Other equities analysts have also issued research reports about the stock. TD Cowen lifted their price target on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Stifel Nicolaus lifted their price target 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. Finally, Craig Hallum lifted their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $10.60.

PureCycle Technologies Price Performance

Shares of NASDAQ:PCT opened at $11.93 on Tuesday. The firm has a market cap of $2.07 billion, a PE ratio of -7.95 and a beta of 1.56. The firm’s fifty day moving average is $10.89 and its 200-day moving average is $7.62. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.54 and a current ratio of 1.74. PureCycle Technologies has a 52 week low of $2.38 and a 52 week high of $15.58.

Insider Buying and Selling

In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the stock in a transaction that occurred 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 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. This represents a 14.81 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 11.44% of the stock is owned by insiders.

Hedge Funds Weigh In On PureCycle Technologies

A number of hedge funds have recently bought and sold shares of PCT. FMR LLC increased its stake in PureCycle Technologies by 0.5% in the third quarter. FMR LLC now owns 230,755 shares of the company’s stock valued at $2,192,000 after purchasing an additional 1,083 shares in the last quarter. Fortis Group Advisors LLC increased its stake in PureCycle Technologies by 12.5% in the third quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock valued at $117,000 after purchasing an additional 1,376 shares in the last quarter. Patriot Financial Group Insurance Agency LLC increased its stake in 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 in the last quarter. Hsbc Holdings PLC increased its stake in PureCycle Technologies by 11.4% in the second quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock valued at $111,000 after purchasing an additional 1,910 shares in the last quarter. Finally, Foster Victor Wealth Advisors LLC increased its stake in PureCycle Technologies by 6.7% in the second quarter. Foster Victor Wealth Advisors LLC now owns 31,951 shares of the company’s stock valued at $192,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors own 63.01% of the company’s stock.

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.