PureCycle Technologies (NASDAQ:PCT) Price Target Raised to $15.00

PureCycle Technologies (NASDAQ:PCT) had its price target lifted by research analysts at TD Cowen from $10.00 to $15.00 in a report issued on Wednesday, MarketBeat.com reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective points to a potential upside of 28.31% from the stock’s current price.

Several other research analysts have also recently weighed in on PCT. Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 price objective on shares of PureCycle Technologies in a research report on Tuesday. Stifel Nicolaus raised their price target on shares of PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Finally, Craig Hallum boosted their price objective 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. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $10.60.

PureCycle Technologies Price Performance

PureCycle Technologies stock opened at $11.69 on Wednesday. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of -7.79 and a beta of 1.56. The stock’s 50 day moving average is $10.83 and its 200-day moving average is $7.57. The company has a current ratio of 1.74, a quick ratio of 0.54 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.

Insider Buying and Selling

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of PureCycle Technologies stock in a transaction on Friday, September 13th. The shares were purchased at an average price 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 11.44% of the stock is owned by company insiders.

Institutional Trading of PureCycle Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its position in PureCycle Technologies by 3.0% in the third quarter. Geode Capital Management LLC now owns 3,124,445 shares of the company’s stock valued at $29,688,000 after acquiring an additional 92,469 shares during the last quarter. Sylebra Capital LLC boosted its stake 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 valued at $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 during the 3rd quarter valued at approximately $289,000. State Street Corp increased its position in PureCycle Technologies by 0.8% during 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 position in PureCycle Technologies in the 3rd quarter valued at approximately $485,000. 63.01% of the stock is currently owned by institutional investors.

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.