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

by · The Markets Daily

PureCycle Technologies, Inc. (NASDAQ:PCT – Get Free Report) 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.

Get Our Latest Report on PCT

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

(Get Free Report

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.

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