PureCycle Technologies (NASDAQ:PCT) Shares Gap Up – Time to Buy?

PureCycle Technologies, Inc. (NASDAQ:PCT)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $13.30, but opened at $13.78. PureCycle Technologies shares last traded at $14.00, with a volume of 925,455 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PCT shares. Craig Hallum upped their target price on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 target price on shares of PureCycle Technologies in a research note on Tuesday, November 19th. Stifel Nicolaus lifted their price objective on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, TD Cowen upped their target price on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $10.60.

PureCycle Technologies Trading Up 4.1 %

The business’s 50 day simple moving average is $11.33 and its 200 day simple moving average is $7.94. The stock has a market cap of $2.40 billion, a P/E ratio of -9.30 and a beta of 1.56. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63.

Insider Activity

In related news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of PureCycle Technologies stock in a transaction on Friday, September 13th. The shares were purchased at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the acquisition, the insider now owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This represents a 14.81 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 11.44% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PCT. Tidal Investments LLC increased its stake in PureCycle Technologies by 215.5% in the 3rd quarter. Tidal Investments LLC now owns 37,223 shares of the company’s stock valued at $354,000 after buying an additional 25,424 shares during the last quarter. Sanctuary Advisors LLC boosted its stake in shares of PureCycle Technologies by 77.2% in the third quarter. Sanctuary Advisors LLC now owns 206,339 shares of the company’s stock valued at $1,960,000 after buying an additional 89,875 shares during the period. Geode Capital Management LLC boosted its stake in shares of PureCycle Technologies by 3.0% in the third quarter. Geode Capital Management LLC now owns 3,124,445 shares of the company’s stock valued at $29,688,000 after buying an additional 92,469 shares during the period. Sylebra Capital LLC increased its stake in PureCycle Technologies by 14.6% during the 3rd quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock worth $317,848,000 after acquiring an additional 4,264,393 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in PureCycle Technologies in the 3rd quarter valued at $289,000. 63.01% of the stock is currently owned by institutional investors.

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.