PureCycle Technologies (NASDAQ:PCT) Trading 6.8% Higher – Here’s What Happened

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

Analysts Set New Price Targets

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

PureCycle Technologies Trading Up 11.7 %

The stock has a market cap of $1.79 billion, a price-to-earnings ratio of -6.87 and a beta of 1.58. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. The business has a 50-day moving average of $9.73 and a 200-day moving average of $9.88.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.32). As a group, research analysts forecast that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc purchased 619,925 shares of PureCycle Technologies stock in a transaction on Thursday, February 6th. The stock was bought at an average price of $8.06 per share, with a total value of $4,996,595.50. Following the completion of the transaction, the insider now directly owns 34,077,574 shares of the company’s stock, valued at approximately $274,665,246.44. This represents a 1.85 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.09% of the company’s stock.

Institutional Trading of PureCycle Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sylebra Capital LLC lifted its position in shares of PureCycle Technologies by 14.6% during the 3rd quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock worth $317,848,000 after purchasing an additional 4,264,393 shares during the last quarter. Harvard Management Co. Inc. lifted its position in shares of PureCycle Technologies by 249.7% during the 3rd quarter. Harvard Management Co. Inc. now owns 2,498,170 shares of the company’s stock worth $23,733,000 after purchasing an additional 1,783,885 shares during the last quarter. Duquesne Family Office LLC acquired a new position in shares of PureCycle Technologies during the 4th quarter worth about $16,323,000. T. Rowe Price Investment Management Inc. acquired a new position in shares of PureCycle Technologies during the 4th quarter worth about $13,859,000. Finally, Vanguard Group Inc. lifted its position in shares of PureCycle Technologies by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 14,100,507 shares of the company’s stock worth $144,530,000 after purchasing an additional 758,382 shares during the last quarter. 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.