PureCycle Technologies (NYSE:PCT) Now Covered by Analysts at Cantor Fitzgerald

Cantor Fitzgerald began coverage on shares of PureCycle Technologies (NYSE:PCT) in a report published on Friday, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $14.00 price target on the stock.

Several other research analysts have also commented on the stock. Stifel Nicolaus raised their price target on shares of PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a report on Monday, August 12th. Craig Hallum upped their price objective on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, TD Cowen boosted their price objective on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a report 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. According to MarketBeat.com, PureCycle Technologies currently has an average rating of “Hold” and a consensus target price of $8.20.

PureCycle Technologies Trading Up 7.0 %

NYSE:PCT opened at $10.68 on Friday. The firm has a market cap of $1.76 billion, a P/E ratio of -10.47 and a beta of 1.63. The company has a current ratio of 0.67, a quick ratio of 0.54 and a debt-to-equity ratio of 1.06. The stock’s 50 day simple moving average is $7.65 and its 200-day simple moving average is $6.39. PureCycle Technologies has a 12-month low of $2.38 and a 12-month high of $11.25.

PureCycle Technologies (NYSE:PCT) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.13). Equities analysts anticipate that PureCycle Technologies will post -0.85 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 11.44% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ensign Peak Advisors Inc bought a new stake in shares of PureCycle Technologies during the 2nd quarter worth approximately $311,000. Abundance Wealth Counselors grew its position in PureCycle Technologies by 6.0% in the 2nd quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock valued at $42,562,000 after purchasing an additional 407,353 shares during the period. Longview Asset Management LLC bought a new position in shares of PureCycle Technologies in the second quarter valued at $57,521,000. Marshall Wace LLP purchased a new position in shares of PureCycle Technologies during the second quarter valued at approximately $322,000. Finally, American Century Companies Inc. raised its position in PureCycle Technologies by 37.4% in the 2nd quarter. American Century Companies Inc. now owns 198,218 shares of the company’s stock valued at $1,173,000 after buying an additional 53,964 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.