PureCycle Technologies (NYSE:PCT) Sets New 12-Month High – Here’s Why

PureCycle Technologies, Inc. (NYSE:PCT)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $10.97 and last traded at $10.93, with a volume of 677380 shares traded. The stock had previously closed at $9.98.

Analysts Set New Price Targets

Several research firms have recently weighed in on PCT. Stifel Nicolaus raised their price objective on shares of PureCycle Technologies from $7.00 to $8.00 and gave the stock 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 company a “hold” rating in a research report on Friday, August 9th. TD Cowen boosted their price target on PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, Cantor Fitzgerald started coverage on PureCycle Technologies in a research report on Friday. They issued an “overweight” rating and a $14.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $8.20.

PureCycle Technologies Trading Up 5.3 %

The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -11.39 and a beta of 1.63. The firm’s 50-day moving average is $7.55 and its 200 day moving average is $6.36. The company has a current ratio of 0.67, a quick ratio of 0.54 and a debt-to-equity ratio of 1.06.

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

Insider Transactions at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the stock in a transaction dated Friday, September 13th. The shares were bought at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the transaction, the insider now directly owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.09% of the company’s stock.

Institutional Trading of PureCycle Technologies

A number of large investors have recently modified their holdings of the business. Longview Asset Management LLC purchased a new position in shares of PureCycle Technologies in the second quarter worth about $57,521,000. Abundance Wealth Counselors boosted its holdings in shares of PureCycle Technologies by 21.0% in the first quarter. Abundance Wealth Counselors now owns 6,782,137 shares of the company’s stock worth $42,185,000 after buying an additional 1,178,570 shares during the last quarter. Van ECK Associates Corp purchased a new stake in PureCycle Technologies in the second quarter worth about $3,121,000. Sanctuary Advisors LLC purchased a new stake in shares of PureCycle Technologies in the second quarter worth $689,000. Finally, Long Focus Capital Management LLC grew its position in shares of PureCycle Technologies by 3.2% during the second quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company’s stock worth $14,230,000 after purchasing an additional 75,000 shares in the last quarter. Institutional investors 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.