PureCycle Technologies (NYSE:PCT) Shares Up 6% on Analyst Upgrade

PureCycle Technologies, Inc. (NYSE:PCT)’s stock price was up 6% during mid-day trading on Monday after Stifel Nicolaus raised their price target on the stock from $7.00 to $8.00. Stifel Nicolaus currently has a buy rating on the stock. PureCycle Technologies traded as high as $5.99 and last traded at $5.98. Approximately 515,814 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 2,181,842 shares. The stock had previously closed at $5.64.

Other analysts have also recently issued research reports about the company. Craig Hallum increased their target price on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday. TD Cowen lifted their target price on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a report on Friday. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $6.75.

Institutional Trading of PureCycle Technologies

Several large investors have recently added to or reduced their stakes in PCT. Abundance Wealth Counselors increased its stake in PureCycle Technologies by 21.0% during the 1st quarter. Abundance Wealth Counselors now owns 6,782,137 shares of the company’s stock valued at $42,185,000 after buying an additional 1,178,570 shares during the period. Van ECK Associates Corp bought a new position in PureCycle Technologies during the 2nd quarter valued at $3,121,000. Gladstone Institutional Advisory LLC raised its stake in shares of PureCycle Technologies by 17.4% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 2,117,948 shares of the company’s stock worth $8,578,000 after buying an additional 313,928 shares in the last quarter. SWS Partners grew its stake in shares of PureCycle Technologies by 40.9% in the 4th quarter. SWS Partners now owns 877,924 shares of the company’s stock worth $3,556,000 after purchasing an additional 255,019 shares during the last quarter. Finally, Sierra Summit Advisors LLC acquired a new position in PureCycle Technologies in the fourth quarter worth approximately $964,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

PureCycle Technologies Stock Performance

The firm has a fifty day moving average price of $6.11 and a 200 day moving average price of $5.56. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.17 and a quick ratio of 1.17. The firm has a market capitalization of $971.32 million, a PE ratio of -5.91 and a beta of 1.62.

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.