PureCycle Technologies (NASDAQ:PCT) Stock Price Expected to Rise, TD Cowen Analyst Says

PureCycle Technologies (NASDAQ:PCT) had its price objective upped by investment analysts at TD Cowen from $10.00 to $15.00 in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price objective suggests a potential upside of 28.53% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on PCT. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 target price on shares of PureCycle Technologies in a research report on Tuesday. Stifel Nicolaus upped 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 lifted their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock 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 stock. According to MarketBeat.com, PureCycle Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.60.

PureCycle Technologies Price Performance

Shares of PCT stock opened at $11.67 on Wednesday. The stock’s fifty day moving average is $10.65 and its 200-day moving average is $7.51. The stock has a market capitalization of $1.93 billion, a PE ratio of -7.78 and a beta of 1.56. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67. PureCycle Technologies has a 52 week low of $2.38 and a 52 week high of $15.58.

Insiders Place Their Bets

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was bought at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the purchase, the insider now directly owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. The trade was a 14.81 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.09% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PCT. Longview Asset Management LLC bought a new position in shares of PureCycle Technologies in the 2nd quarter valued at about $57,521,000. Sylebra Capital LLC lifted its stake in PureCycle Technologies by 14.6% in the third quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock valued at $317,848,000 after acquiring an additional 4,264,393 shares during the last quarter. Harvard Management Co. Inc. increased its stake in shares of PureCycle Technologies by 249.7% during the 3rd quarter. Harvard Management Co. Inc. now owns 2,498,170 shares of the company’s stock worth $23,733,000 after purchasing an additional 1,783,885 shares during the last quarter. Simplify Asset Management Inc. raised its holdings in shares of PureCycle Technologies by 67.4% in the 3rd quarter. Simplify Asset Management Inc. now owns 1,772,056 shares of the company’s stock valued at $16,835,000 after purchasing an additional 713,664 shares during the period. Finally, Appian Way Asset Management LP lifted its stake in PureCycle Technologies by 12.9% in the 3rd quarter. Appian Way Asset Management LP now owns 5,674,168 shares of the company’s stock valued at $53,905,000 after purchasing an additional 650,426 shares during the last quarter. 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.