PureCycle Technologies, Inc. (NYSE:PCT – Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $14.30, but opened at $14.74. PureCycle Technologies shares last traded at $14.06, with a volume of 929,005 shares changing hands.
Analyst Ratings Changes
A number of analysts have commented on the company. Craig Hallum upped their price target on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Cantor Fitzgerald assumed coverage on PureCycle Technologies in a research note on Friday, October 18th. They set an “overweight” rating and a $14.00 price objective for the company. TD Cowen raised their target price on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Stifel Nicolaus lifted their price target on shares of PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a report on Monday, August 12th. Four 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, the stock has an average rating of “Hold” and an average target price of $8.20.
Check Out Our Latest Analysis on PCT
PureCycle Technologies Stock Down 1.3 %
PureCycle Technologies (NYSE:PCT – Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). Analysts forecast that PureCycle Technologies, Inc. will post -0.98 earnings per share for the current year.
Insider Transactions at PureCycle Technologies
In related news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the business’s stock in a transaction that occurred on 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 completion of the purchase, the insider now owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 11.44% of the company’s stock.
Institutional Investors Weigh In On PureCycle Technologies
Hedge funds have recently made changes to their positions in the company. Fortis Group Advisors LLC bought a new stake in PureCycle Technologies in the 1st quarter worth approximately $67,000. Algert Global LLC purchased a new position in shares of PureCycle Technologies in the second quarter valued at $69,000. Tidal Investments LLC bought a new stake in PureCycle Technologies in the first quarter worth $70,000. Bayesian Capital Management LP purchased a new stake in PureCycle Technologies during the first quarter valued at $98,000. Finally, Park Edge Advisors LLC bought a new position in PureCycle Technologies during the third quarter valued at $100,000. 63.01% of the stock is currently owned by hedge funds and other institutional investors.
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.
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