Traders Buy Large Volume of PureCycle Technologies Call Options (NYSE:PCT)

PureCycle Technologies, Inc. (NYSE:PCT) was the recipient of unusually large options trading on Thursday. Stock investors bought 16,675 call options on the stock. This is an increase of approximately 116% compared to the typical volume of 7,735 call options.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were bought at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the acquisition, the insider now owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 11.44% of the company’s stock.

Institutional Investors Weigh In On PureCycle Technologies

Institutional investors have recently modified their holdings of the company. Fortis Group Advisors LLC lifted its holdings in PureCycle Technologies by 12.5% in the third quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock valued at $117,000 after buying an additional 1,376 shares during the period. Wealth Effects LLC lifted its stake in shares of PureCycle Technologies by 4.8% in the 3rd quarter. Wealth Effects LLC now owns 93,200 shares of the company’s stock valued at $885,000 after purchasing an additional 4,300 shares during the period. Violich Capital Management Inc. acquired a new position in shares of PureCycle Technologies in the 3rd quarter valued at about $227,000. Foster Victor Wealth Advisors LLC grew its stake in PureCycle Technologies by 6.3% during the third quarter. Foster Victor Wealth Advisors LLC now owns 33,951 shares of the company’s stock worth $310,000 after purchasing an additional 2,000 shares during the period. Finally, Creative Planning increased its holdings in PureCycle Technologies by 67.0% in the third quarter. Creative Planning now owns 40,126 shares of the company’s stock worth $381,000 after purchasing an additional 16,092 shares in the last quarter. 63.01% of the stock is owned by institutional investors.

PureCycle Technologies Trading Up 16.5 %

PCT traded up $1.82 during midday trading on Thursday, hitting $12.86. 2,958,560 shares of the company were exchanged, compared to its average volume of 2,260,054. The firm has a market capitalization of $2.12 billion, a P/E ratio of -11.73 and a beta of 1.63. The firm’s 50 day moving average price is $7.98 and its 200-day moving average price is $6.51. The company has a quick ratio of 0.54, a current ratio of 0.67 and a debt-to-equity ratio of 1.06. PureCycle Technologies has a 1-year low of $2.38 and a 1-year high of $12.99.

PureCycle Technologies (NYSE:PCT) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). As a group, equities analysts forecast that PureCycle Technologies will post -0.85 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Cantor Fitzgerald began coverage on shares of PureCycle Technologies in a research note on Friday, October 18th. They set an “overweight” rating and a $14.00 target price on the stock. Stifel Nicolaus upped their target price on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Craig Hallum lifted their price target on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Finally, TD Cowen upped their price objective on PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $8.20.

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.