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

PureCycle Technologies (NASDAQ:PCT) had its price target raised by TD Cowen from $10.00 to $15.00 in a research note released on Wednesday, MarketBeat Ratings reports. They currently have a buy rating on the stock.

PCT has been the topic of a number of other reports. Craig Hallum boosted their price objective on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price objective on shares of PureCycle Technologies in a research note on Tuesday. Finally, Stifel Nicolaus boosted their price objective on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, PureCycle Technologies presently has an average rating of “Moderate Buy” and an average target price of $10.60.

PureCycle Technologies Trading Up 2.1 %

Shares of PureCycle Technologies stock opened at $11.93 on Wednesday. PureCycle Technologies has a 52-week low of $2.38 and a 52-week high of $15.58. The stock’s 50-day simple moving average is $10.89 and its 200 day simple moving average is $7.62. The stock has a market capitalization of $2.07 billion, a P/E ratio of -7.95 and a beta of 1.56. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.54 and a current ratio of 1.74.

Insider Activity

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were purchased at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the transaction, the insider now directly owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This represents a 14.81 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 11.44% of the company’s stock.

Institutional Investors Weigh In On PureCycle Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Park Edge Advisors LLC bought a new position in shares of PureCycle Technologies in the third quarter worth approximately $100,000. Tidal Investments LLC bought a new position in shares of PureCycle Technologies in the first quarter worth approximately $70,000. Algert Global LLC bought a new position in shares of PureCycle Technologies in the second quarter worth approximately $69,000. Fortis Group Advisors LLC increased its position in shares of PureCycle Technologies by 12.5% in the third quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock worth $117,000 after purchasing an additional 1,376 shares during the last quarter. Finally, Prospera Private Wealth LLC increased its position in shares of PureCycle Technologies by 35.9% in the third quarter. Prospera Private Wealth LLC now owns 15,436 shares of the company’s stock worth $147,000 after purchasing an additional 4,080 shares during the last quarter. 63.01% of the stock is currently 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.