PureCycle Technologies (NASDAQ:PCT) Trading 7.3% Higher – Here’s Why

PureCycle Technologies, Inc. (NASDAQ:PCT)’s share price traded up 7.3% during trading on Friday . The company traded as high as $9.65 and last traded at $9.60. 708,614 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 1,944,164 shares. The stock had previously closed at $8.95.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $14.00 price target on shares of PureCycle Technologies in a research note on Tuesday, November 19th. TD Cowen lifted their price target on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Finally, Stifel Nicolaus lifted their price target on PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th.

PureCycle Technologies Stock Performance

The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74. The company has a 50 day moving average price of $10.08 and a 200-day moving average price of $9.67.

Insider Activity

In other news, major shareholder Sylebra Capital Llc acquired 619,925 shares of the firm’s stock in a transaction on Thursday, February 6th. The stock was acquired at an average price of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the acquisition, the insider now owns 34,077,574 shares in the company, valued at $274,665,246.44. This trade represents a 1.85 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 11.44% of the company’s stock.

Hedge Funds Weigh In On PureCycle Technologies

A number of institutional investors have recently added to or reduced their stakes in PCT. Creative Planning raised its holdings in PureCycle Technologies by 67.0% in the third quarter. Creative Planning now owns 40,126 shares of the company’s stock worth $381,000 after purchasing an additional 16,092 shares in the last quarter. Violich Capital Management Inc. purchased a new stake in shares of PureCycle Technologies in the third quarter worth $227,000. Wealth Effects LLC grew its stake in shares of PureCycle Technologies by 4.8% in the third quarter. Wealth Effects LLC now owns 93,200 shares of the company’s stock worth $885,000 after acquiring an additional 4,300 shares during the last quarter. Fortis Group Advisors LLC grew its stake in shares of PureCycle Technologies by 12.5% in the third quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock worth $117,000 after acquiring an additional 1,376 shares during the last quarter. Finally, Park Edge Advisors LLC purchased a new stake in shares of PureCycle Technologies in the third quarter worth $100,000. 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.