PureCycle Technologies (NASDAQ:PCT) Trading Up 11.8% – What’s Next?

PureCycle Technologies, Inc. (NASDAQ:PCT) shot up 11.8% during trading on Monday . The stock traded as high as $13.45 and last traded at $13.37. 2,146,004 shares changed hands during mid-day trading, a decline of 10% from the average session volume of 2,372,832 shares. The stock had previously closed at $11.96.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PCT shares. TD Cowen lifted their price target on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a report on Friday, August 9th. Cantor Fitzgerald initiated coverage on shares of PureCycle Technologies in a report on Friday, October 18th. They set an “overweight” rating and a $14.00 target price on the stock. Stifel Nicolaus boosted their target price on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Craig Hallum upped their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, PureCycle Technologies has an average rating of “Moderate Buy” and an average price target of $9.60.

PureCycle Technologies Trading Down 6.9 %

The stock’s 50 day moving average is $10.02 and its 200-day moving average is $7.29. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.67 and a quick ratio of 0.54.

Insiders Place Their Bets

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 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, with a total value of $20,000,003.17. Following the transaction, the insider now directly owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 11.44% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PCT. FMR LLC boosted its position in shares of PureCycle Technologies by 0.5% during the 3rd quarter. FMR LLC now owns 230,755 shares of the company’s stock valued at $2,192,000 after acquiring an additional 1,083 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in PureCycle Technologies by 32.7% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 64,196 shares of the company’s stock valued at $610,000 after buying an additional 15,837 shares during the period. DRW Securities LLC raised its holdings in PureCycle Technologies by 100.0% during the 3rd quarter. DRW Securities LLC now owns 52,000 shares of the company’s stock valued at $494,000 after buying an additional 26,000 shares during the period. Nwam LLC purchased a new stake in PureCycle Technologies during the 3rd quarter valued at $179,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in PureCycle Technologies by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,100,281 shares of the company’s stock valued at $10,453,000 after buying an additional 19,989 shares during the period. 63.01% of the stock is currently owned by institutional investors.

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.