Brokerages Set PureCycle Technologies, Inc. (NASDAQ:PCT) PT at $10.60

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) have been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are currently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $10.60.

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

PureCycle Technologies Trading Up 2.8 %

PCT opened at $13.28 on Friday. The business’s 50 day moving average price is $10.97 and its 200 day moving average price is $7.72. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74. The stock has a market capitalization of $2.30 billion, a PE ratio of -8.85 and a beta of 1.56. PureCycle Technologies has a one year low of $2.38 and a one year high of $15.58.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was acquired at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the purchase, the insider now owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. This represents a 14.81 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.09% of the company’s stock.

Institutional Trading of PureCycle Technologies

Several hedge funds have recently added to or reduced their stakes in PCT. Algert Global LLC acquired a new position in PureCycle Technologies during the 2nd quarter worth approximately $69,000. Tidal Investments LLC acquired a new position in shares of PureCycle Technologies during the first quarter worth $70,000. Bayesian Capital Management LP acquired a new position in shares of PureCycle Technologies during the first quarter worth $98,000. Park Edge Advisors LLC purchased a new position in PureCycle Technologies in the third quarter valued at $100,000. Finally, Hsbc Holdings PLC raised 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 buying an additional 1,910 shares in the last quarter. 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.