PureCycle Technologies (NASDAQ:PCT) Trading Up 3.9% – What’s Next?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price was up 3.9% on Tuesday . The stock traded as high as $7.50 and last traded at $7.75. Approximately 220,677 shares were traded during trading, a decline of 90% from the average daily volume of 2,197,095 shares. The stock had previously closed at $7.46.

Wall Street Analyst Weigh In

PCT has been the topic of a number of recent analyst reports. TD Cowen boosted their target price on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price target on shares of PureCycle Technologies in a research note on Tuesday, November 19th.

PureCycle Technologies Trading Up 3.5 %

The business has a 50 day moving average of $9.21 and a two-hundred day moving average of $10.13. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36. The firm has a market cap of $1.38 billion, a P/E ratio of -5.11 and a beta of 1.55.

PureCycle Technologies (NASDAQ:PCT) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.32). Analysts predict that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Insider Buying and Selling at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc acquired 619,925 shares of the firm’s stock in a transaction on Thursday, February 6th. The shares were purchased at an average cost of $8.06 per share, with a total value of $4,996,595.50. Following the acquisition, 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 position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 11.44% of the company’s stock.

Institutional Trading of PureCycle Technologies

Large investors have recently modified their holdings of the stock. Chesapeake Capital Corp IL acquired a new stake in PureCycle Technologies in the third quarter valued at about $293,000. Quest Partners LLC acquired a new stake in PureCycle Technologies in the third quarter valued at about $300,000. Drive Wealth Management LLC boosted its stake in PureCycle Technologies by 184.0% in the third quarter. Drive Wealth Management LLC now owns 35,500 shares of the company’s stock valued at $337,000 after buying an additional 23,000 shares in the last quarter. Prospera Private Wealth LLC boosted its stake in PureCycle Technologies by 35.9% in the third quarter. Prospera Private Wealth LLC now owns 15,436 shares of the company’s stock valued at $147,000 after buying an additional 4,080 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in PureCycle Technologies in the third quarter valued at about $310,000. 63.01% of the stock is owned by institutional investors and hedge funds.

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.