PureCycle Technologies (NASDAQ:PCT) Shares Gap Up – Should You Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT) gapped up before the market opened on Tuesday . The stock had previously closed at $9.31, but opened at $10.72. PureCycle Technologies shares last traded at $10.94, with a volume of 1,462,824 shares traded.

Analyst Upgrades and Downgrades

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

PureCycle Technologies Price Performance

The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63. The company has a market cap of $1.89 billion, a PE ratio of -7.27 and a beta of 1.58. The stock has a fifty day moving average price of $9.98 and a 200-day moving average price of $9.73.

Insider Activity

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the business’s stock in a transaction on Thursday, February 6th. The stock was purchased at an average price of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the purchase, the insider now directly owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 11.44% of the stock is currently owned by company insiders.

Institutional Trading of PureCycle Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of PCT. Sylebra Capital LLC grew its holdings in 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 acquiring an additional 4,264,393 shares during the period. Vanguard Group Inc. grew its holdings in 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 acquiring an additional 758,382 shares during the period. Appian Way Asset Management LP grew its holdings in PureCycle Technologies by 12.9% during the 3rd quarter. Appian Way Asset Management LP now owns 5,674,168 shares of the company’s stock worth $53,905,000 after acquiring an additional 650,426 shares during the period. Gladstone Institutional Advisory LLC grew its holdings in PureCycle Technologies by 3.7% during the 4th quarter. Gladstone Institutional Advisory LLC now owns 3,462,652 shares of the company’s stock worth $35,492,000 after acquiring an additional 122,700 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of PureCycle Technologies by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 3,185,348 shares of the company’s stock worth $32,658,000 after purchasing an additional 60,903 shares in 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.