PureCycle Technologies (NASDAQ:PCT) Price Target Raised to $15.00 at Stifel Nicolaus

PureCycle Technologies (NASDAQ:PCT) had its price objective increased by Stifel Nicolaus from $8.00 to $15.00 in a research report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

PCT has been the topic of a number of other reports. Cantor Fitzgerald assumed coverage on PureCycle Technologies in a report on Friday, October 18th. They set an “overweight” rating and a $14.00 target price on the stock. Craig Hallum lifted their price objective 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. Finally, TD Cowen increased their target price on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, PureCycle Technologies has an average rating of “Moderate Buy” and an average target price of $9.60.

PureCycle Technologies Stock Performance

PureCycle Technologies stock opened at $12.66 on Tuesday. The company’s 50-day moving average price is $9.88 and its two-hundred day moving average price is $7.23. PureCycle Technologies has a 52 week low of $2.38 and a 52 week high of $15.58. 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 news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were acquired at an average cost of $4.69 per share, with a total value 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 approximately $155,006,638.64. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.09% of the company’s stock.

Institutional Trading of PureCycle Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. Fortis Group Advisors LLC lifted its position in PureCycle Technologies by 12.5% in the 3rd quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock worth $117,000 after buying an additional 1,376 shares in the last quarter. Patriot Financial Group Insurance Agency LLC raised its holdings in shares of PureCycle Technologies by 7.4% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 26,846 shares of the company’s stock worth $159,000 after acquiring an additional 1,850 shares in the last quarter. Hsbc Holdings PLC boosted its position in PureCycle Technologies by 11.4% during the second quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock valued at $111,000 after purchasing an additional 1,910 shares during the last quarter. Foster Victor Wealth Advisors LLC grew its stake in PureCycle Technologies by 6.7% in the second quarter. Foster Victor Wealth Advisors LLC now owns 31,951 shares of the company’s stock valued at $192,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its position in PureCycle Technologies by 1.1% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 183,600 shares of the company’s stock worth $1,087,000 after purchasing an additional 2,083 shares during the last quarter. Institutional investors and hedge funds 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.