PureCycle Technologies, Inc. (NASDAQ:PCT – Get Free Report) shares were up 3.9% during mid-day trading on Tuesday . The company traded as high as $7.50 and last traded at $7.75. Approximately 220,677 shares traded hands during trading, a decline of 90% from the average daily volume of 2,197,095 shares. The stock had previously closed at $7.46.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on PCT shares. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 target price on shares of PureCycle Technologies in a report on Tuesday, November 19th. TD Cowen raised their target price on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th.
Check Out Our Latest Stock Report on PCT
PureCycle Technologies Price Performance
PureCycle Technologies (NASDAQ:PCT – Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.32). Equities analysts anticipate that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.
Insider Activity at PureCycle Technologies
In other news, major shareholder Sylebra Capital Llc bought 619,925 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The shares were acquired at an average price of $8.06 per share, with a total value of $4,996,595.50. Following the transaction, the insider now owns 34,077,574 shares in the company, valued at $274,665,246.44. This represents a 1.85 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.44% of the stock is owned by insiders.
Institutional Investors Weigh In On PureCycle Technologies
A number of hedge funds and other institutional investors have recently bought and sold shares of PCT. Copia Wealth Management acquired a new position in shares of PureCycle Technologies during the 4th quarter worth approximately $514,000. Integrated Advisors Network LLC acquired a new position in shares of PureCycle Technologies during the 4th quarter worth approximately $119,000. Polar Asset Management Partners Inc. acquired a new position in shares of PureCycle Technologies during the 4th quarter worth approximately $3,290,000. JT Stratford LLC increased its position in shares of PureCycle Technologies by 3.5% during the 4th quarter. JT Stratford LLC now owns 74,321 shares of the company’s stock worth $762,000 after purchasing an additional 2,501 shares during the last quarter. Finally, Highview Capital Management LLC DE acquired a new position in shares of PureCycle Technologies during the 4th quarter worth approximately $324,000. 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.
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