PureCycle Technologies (NASDAQ:PCT) Receives “Overweight” Rating from Cantor Fitzgerald

PureCycle Technologies (NASDAQ:PCT)‘s stock had its “overweight” rating reaffirmed by investment analysts at Cantor Fitzgerald in a research note issued on Tuesday,Benzinga reports. They currently have a $14.00 target price on the stock. Cantor Fitzgerald’s price target points to a potential upside of 16.76% from the company’s previous close.

PCT has been the topic of a number of other reports. TD Cowen lifted their price target on 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 PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Finally, Craig Hallum lifted their price target on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $10.60.

PureCycle Technologies Stock Up 2.7 %

PCT stock opened at $11.99 on Tuesday. PureCycle Technologies has a twelve month low of $2.38 and a twelve month high of $15.58. 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 stock’s 50 day moving average is $10.76 and its 200-day moving average is $7.54. The firm has a market capitalization of $1.98 billion, a PE ratio of -7.99 and a beta of 1.56.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were bought at an average price of $4.69 per share, for a total transaction 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 represents a 14.81 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.09% of the company’s stock.

Institutional Trading of PureCycle Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its holdings in shares of PureCycle Technologies by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 3,124,445 shares of the company’s stock worth $29,688,000 after purchasing an additional 92,469 shares in the last quarter. Sylebra Capital LLC increased its holdings in shares of PureCycle Technologies by 14.6% in the 3rd quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock worth $317,848,000 after purchasing an additional 4,264,393 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of PureCycle Technologies in the 3rd quarter worth $289,000. State Street Corp increased its holdings in shares of PureCycle Technologies by 0.8% in the 3rd quarter. State Street Corp now owns 2,809,178 shares of the company’s stock worth $26,687,000 after purchasing an additional 21,706 shares in the last quarter. Finally, IHT Wealth Management LLC bought a new stake in shares of PureCycle Technologies in the 3rd quarter worth $485,000. Hedge funds and other institutional investors 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.