PureCycle Technologies (NYSE:PCT) Shares Gap Up – Time to Buy?

Shares of PureCycle Technologies, Inc. (NYSE:PCT) gapped up before the market opened on Friday . The stock had previously closed at $14.30, but opened at $14.74. PureCycle Technologies shares last traded at $14.06, with a volume of 929,005 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PCT. Cantor Fitzgerald started coverage on shares of PureCycle Technologies in a research report on Friday, October 18th. They issued an “overweight” rating and a $14.00 price target on the stock. TD Cowen lifted their target price on PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Craig Hallum increased their price target on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus boosted their price objective on PureCycle Technologies from $7.00 to $8.00 and gave the company 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 issued a buy rating to the company. According to data from MarketBeat.com, PureCycle Technologies presently has a consensus rating of “Hold” and a consensus target price of $8.20.

PureCycle Technologies Price Performance

The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67. The firm has a market capitalization of $2.37 billion, a P/E ratio of -15.65 and a beta of 1.63. The business has a fifty day moving average of $8.15 and a 200-day moving average of $6.56.

PureCycle Technologies (NYSE:PCT) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). On average, sell-side analysts forecast that PureCycle Technologies, Inc. will post -0.98 EPS for the current fiscal year.

Insider Activity at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of PureCycle Technologies stock in a transaction dated Friday, September 13th. The stock was bought at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the transaction, the insider now owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed 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

A number of large investors have recently made changes to their positions in the company. Longview Asset Management LLC bought a new stake in shares of PureCycle Technologies in the 2nd quarter valued at approximately $57,521,000. Abundance Wealth Counselors raised its stake in shares of PureCycle Technologies by 6.0% in the second quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock valued at $42,562,000 after acquiring an additional 407,353 shares during the last quarter. Long Focus Capital Management LLC raised its position in PureCycle Technologies by 3.2% in the 2nd quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company’s stock valued at $14,230,000 after purchasing an additional 75,000 shares during the last quarter. SWS Partners increased its stake in shares of PureCycle Technologies by 3.3% in the second quarter. SWS Partners now owns 895,545 shares of the company’s stock valued at $5,302,000 after buying an additional 28,397 shares in the last quarter. Finally, Van ECK Associates Corp bought a new stake in PureCycle Technologies during the 2nd quarter worth about $3,121,000. 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.