PureCycle Technologies (NASDAQ:PCT) Given New $15.00 Price Target at Stifel Nicolaus

PureCycle Technologies (NASDAQ:PCT) had its target price boosted by investment analysts at Stifel Nicolaus from $8.00 to $15.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price target suggests a potential upside of 16.01% from the stock’s previous close.

A number of other research analysts also recently commented on PCT. TD Cowen boosted their price objective on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Craig Hallum lifted their target price on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Cantor Fitzgerald initiated coverage on shares of PureCycle Technologies in a research report on Friday, October 18th. They set an “overweight” rating and a $14.00 target price for the company. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $9.60.

PureCycle Technologies Price Performance

PureCycle Technologies stock traded up $0.02 during mid-day trading on Tuesday, hitting $12.93. The company’s stock had a trading volume of 2,760,947 shares, compared to its average volume of 2,378,901. PureCycle Technologies has a twelve month low of $2.38 and a twelve month high of $15.58. The stock’s fifty day moving average price is $9.88 and its two-hundred day moving average price is $7.23. The stock has a market capitalization of $2.13 billion, a P/E ratio of -13.47 and a beta of 1.56. The company has a quick ratio of 0.54, a current ratio of 0.67 and a debt-to-equity ratio of 1.06.

Insider Buying and Selling at PureCycle Technologies

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the stock in a transaction on Friday, September 13th. The shares were purchased at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the transaction, the insider now directly 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 11.44% of the company’s stock.

Institutional Investors Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Longview Asset Management LLC acquired a new stake in shares of PureCycle Technologies during the second quarter worth $57,521,000. Abundance Wealth Counselors raised its position in PureCycle Technologies by 6.0% in the second 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 last quarter. Gladstone Institutional Advisory LLC boosted its position in PureCycle Technologies by 1.4% during the 3rd quarter. Gladstone Institutional Advisory LLC now owns 3,339,952 shares of the company’s stock worth $31,730,000 after buying an additional 44,571 shares during the period. Long Focus Capital Management LLC increased its holdings in PureCycle Technologies by 3.2% in the second quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company’s stock valued at $14,230,000 after purchasing an additional 75,000 shares during the period. Finally, Simplify Asset Management Inc. raised its position in shares of PureCycle Technologies by 67.4% during the third quarter. Simplify Asset Management Inc. now owns 1,772,056 shares of the company’s stock worth $16,835,000 after acquiring an additional 713,664 shares during the last quarter. 63.01% of the stock is owned by institutional investors.

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.