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

Equities researchers at Cantor Fitzgerald started coverage on shares of PureCycle Technologies (NYSE:PCT) in a report released on Friday, Marketbeat.com reports. The brokerage set an “overweight” rating and a $14.00 price target on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 40.28% from the company’s current price.

PCT has been the topic of a number of other reports. TD Cowen increased their target price on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Craig Hallum raised their price objective on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Finally, Stifel Nicolaus boosted their target price on shares of PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, PureCycle Technologies currently has a consensus rating of “Hold” and an average target price of $8.20.

PureCycle Technologies Trading Down 3.0 %

Shares of PCT stock opened at $9.98 on Friday. The company has a market cap of $1.65 billion, a P/E ratio of -10.40 and a beta of 1.63. PureCycle Technologies has a fifty-two week low of $2.38 and a fifty-two week high of $10.68. The stock has a 50 day simple moving average of $7.55 and a two-hundred day simple moving average of $6.36. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67.

PureCycle Technologies (NYSE:PCT) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). Research analysts forecast that PureCycle Technologies will post -0.85 earnings per share for the current year.

Insider Buying and Selling at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of PureCycle Technologies stock in a transaction dated Friday, September 13th. The stock was purchased 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 in the company, valued at $155,006,638.64. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.09% of the company’s stock.

Hedge Funds Weigh In On PureCycle Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of PCT. Ensign Peak Advisors Inc purchased a new stake in shares of PureCycle Technologies during the second quarter valued at approximately $311,000. Abundance Wealth Counselors grew its stake in PureCycle Technologies by 6.0% in the 2nd quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock valued at $42,562,000 after purchasing an additional 407,353 shares during the period. Longview Asset Management LLC purchased a new stake in shares of PureCycle Technologies during the 2nd quarter valued at $57,521,000. Marshall Wace LLP bought a new stake in shares of PureCycle Technologies during the 2nd quarter worth $322,000. Finally, American Century Companies Inc. boosted its holdings in shares of PureCycle Technologies by 37.4% in the 2nd quarter. American Century Companies Inc. now owns 198,218 shares of the company’s stock worth $1,173,000 after buying an additional 53,964 shares during the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

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.