PureCycle Technologies, Inc. (NASDAQ:PCT) Receives Average Rating of “Hold” from Brokerages

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) have received a consensus recommendation of “Hold” from the seven analysts that are currently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $8.20.

A number of equities analysts have commented on the company. Cantor Fitzgerald assumed coverage on PureCycle Technologies in a research note on Friday, October 18th. They issued an “overweight” rating and a $14.00 price objective on the stock. TD Cowen boosted their price objective on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Stifel Nicolaus boosted their price objective on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, Craig Hallum boosted their target price on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th.

Insider Transactions at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the company’s 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 completion of the transaction, 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 acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 11.44% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCT. Fortis Group Advisors LLC bought a new stake in PureCycle Technologies in the first quarter valued at about $67,000. Algert Global LLC bought a new stake in shares of PureCycle Technologies in the second quarter worth about $69,000. Tidal Investments LLC bought a new stake in shares of PureCycle Technologies in the first quarter worth about $70,000. Bayesian Capital Management LP bought a new stake in shares of PureCycle Technologies in the first quarter worth about $98,000. Finally, Park Edge Advisors LLC bought a new stake in shares of PureCycle Technologies in the third quarter worth about $100,000. Institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Price Performance

Shares of PCT stock opened at $12.87 on Monday. The stock’s fifty day simple moving average is $9.08 and its 200 day simple moving average is $6.91. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.67 and a quick ratio of 0.54. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of -13.41 and a beta of 1.55. PureCycle Technologies has a one year low of $2.38 and a one year high of $15.58.

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

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.