Stifel Nicolaus Issues Positive Forecast for PureCycle Technologies (NASDAQ:PCT) Stock Price

PureCycle Technologies (NASDAQ:PCT) had its price target lifted by Stifel Nicolaus from $8.00 to $15.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued reports about the company. Cantor Fitzgerald initiated coverage on PureCycle Technologies in a research report on Friday, October 18th. They set an “overweight” rating and a $14.00 target price for the company. 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 report on Friday, August 9th. Finally, 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 report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, PureCycle Technologies has an average rating of “Moderate Buy” and a consensus price target of $9.60.

PureCycle Technologies Stock Down 0.9 %

NASDAQ:PCT opened at $11.04 on Tuesday. The company has a quick ratio of 0.54, a current ratio of 0.67 and a debt-to-equity ratio of 1.06. PureCycle Technologies has a 12-month low of $2.38 and a 12-month high of $15.58. The stock’s fifty day simple moving average is $10.38 and its 200-day simple moving average is $7.39. The firm has a market capitalization of $1.82 billion, a P/E ratio of -11.50 and a beta of 1.56.

Insider Activity

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were acquired 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 $155,006,638.64. This trade represents a 14.81 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 11.44% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Verus Capital Partners LLC grew its stake in shares of PureCycle Technologies by 465.8% in the third quarter. Verus Capital Partners LLC now owns 127,540 shares of the company’s stock valued at $1,212,000 after buying an additional 105,000 shares in the last quarter. Ensign Peak Advisors Inc bought a new position in shares of PureCycle Technologies in the 2nd quarter valued at about $311,000. Abundance Wealth Counselors increased its stake in shares of PureCycle Technologies by 6.0% during the 2nd quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock worth $42,562,000 after purchasing an additional 407,353 shares during the last quarter. Longview Asset Management LLC bought a new stake in shares of PureCycle Technologies in the 2nd quarter valued at about $57,521,000. Finally, Sanctuary Advisors LLC bought a new position in PureCycle Technologies during the second quarter worth about $689,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

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.