Cantor Fitzgerald Reaffirms Overweight Rating for PureCycle Technologies (NASDAQ:PCT)

Cantor Fitzgerald reiterated their overweight rating on shares of PureCycle Technologies (NASDAQ:PCT) in a research note published on Tuesday,Benzinga reports. Cantor Fitzgerald currently has a $14.00 price objective on the stock.

A number of other research analysts have also recently issued reports on PCT. TD Cowen lifted their price objective 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. Stifel Nicolaus raised their target price on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Finally, Craig Hallum raised their target price on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, PureCycle Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $10.60.

PureCycle Technologies Stock Performance

Shares of NASDAQ:PCT opened at $11.69 on Tuesday. The company’s 50 day simple moving average is $10.83 and its 200 day simple moving average is $7.57. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of -7.79 and a beta of 1.56. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 0.54. PureCycle Technologies has a 1 year low of $2.38 and a 1 year high of $15.58.

Insider Transactions at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were bought at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the acquisition, the insider now owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This trade represents a 14.81 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.44% of the stock is owned by company insiders.

Hedge Funds Weigh In On PureCycle Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Park Edge Advisors LLC acquired a new position in PureCycle Technologies in the third quarter valued at $100,000. Tidal Investments LLC acquired a new position in PureCycle Technologies in the first quarter valued at $70,000. Algert Global LLC acquired a new position in PureCycle Technologies in the second quarter valued at $69,000. 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. Finally, Prospera Private Wealth LLC lifted its holdings 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 during the period. 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.