Cantor Fitzgerald Begins Coverage on PureCycle Technologies (NYSE:PCT)

Cantor Fitzgerald began coverage on shares of PureCycle Technologies (NYSE:PCT) in a report issued on Friday morning, MarketBeat Ratings reports. The firm issued an overweight rating and a $14.00 price target on the stock.

Several other brokerages have also issued reports on PCT. Stifel Nicolaus lifted their price target on PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Monday, August 12th. 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. Finally, Craig Hallum lifted their price objective on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $8.20.

PureCycle Technologies Price Performance

NYSE PCT opened at $10.68 on Friday. The firm’s 50 day moving average is $7.65 and its 200-day moving average is $6.40. PureCycle Technologies has a 12-month low of $2.38 and a 12-month high of $11.25. The company has a quick ratio of 0.54, a current ratio of 0.67 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $1.76 billion, a PE ratio of -10.47 and a beta of 1.63.

PureCycle Technologies (NYSE:PCT) last posted its 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). Equities research analysts anticipate that PureCycle Technologies will post -0.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were acquired at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the purchase, the insider now directly owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 11.44% of the company’s stock.

Hedge Funds Weigh In On PureCycle Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PCT. Longview Asset Management LLC purchased a new stake in PureCycle Technologies during the 2nd quarter valued at $57,521,000. Abundance Wealth Counselors raised its stake in PureCycle Technologies by 21.0% during the 1st quarter. Abundance Wealth Counselors now owns 6,782,137 shares of the company’s stock worth $42,185,000 after acquiring an additional 1,178,570 shares during the period. Van ECK Associates Corp bought a new position in shares of PureCycle Technologies in the second quarter worth approximately $3,121,000. Sanctuary Advisors LLC bought a new stake in PureCycle Technologies during the second quarter valued at about $689,000. Finally, Long Focus Capital Management LLC lifted its position in shares of PureCycle Technologies by 3.2% in the second 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 in the last quarter. 63.01% of the stock is owned by institutional investors.

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.