PureCycle Technologies (NASDAQ:PCT) Shares Up 6.8% – What’s Next?

Shares of PureCycle Technologies, Inc. (NASDAQ:PCT) were up 6.8% during trading on Thursday . The stock traded as high as $10.04 and last traded at $10.11. Approximately 1,262,491 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 2,109,003 shares. The stock had previously closed at $9.47.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PCT shares. TD Cowen upped their target price on shares of PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Stifel Nicolaus increased their price objective on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $14.00 target price on shares of PureCycle Technologies in a report on Tuesday, November 19th.

PureCycle Technologies Trading Down 2.6 %

The company has a market cap of $1.60 billion, a PE ratio of -6.15 and a beta of 1.58. The stock’s 50 day moving average is $9.76 and its 200-day moving average is $9.86. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36.

Insider Activity at PureCycle Technologies

In related news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was bought at an average cost of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the transaction, the insider now directly owns 34,077,574 shares in the company, valued at $274,665,246.44. This represents a 1.85 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.09% of the stock is owned by insiders.

Institutional Investors Weigh In On PureCycle Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in PCT. Jones Financial Companies Lllp raised its position in PureCycle Technologies by 286.0% in the 4th quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company’s stock worth $32,000 after purchasing an additional 2,291 shares during the period. Sterling Capital Management LLC raised its holdings in shares of PureCycle Technologies by 775.3% in the fourth quarter. Sterling Capital Management LLC now owns 3,230 shares of the company’s stock worth $33,000 after buying an additional 2,861 shares during the period. US Bancorp DE lifted its stake in shares of PureCycle Technologies by 141.5% during the 4th quarter. US Bancorp DE now owns 3,446 shares of the company’s stock worth $35,000 after acquiring an additional 2,019 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new position in PureCycle Technologies during the 4th quarter valued at $80,000. Finally, Keudell Morrison Wealth Management bought a new position in PureCycle Technologies in the 4th quarter valued at $117,000. 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.