TD Cowen Increases PureCycle Technologies (NASDAQ:PCT) Price Target to $15.00

PureCycle Technologies (NASDAQ:PCT) had its target price lifted by stock 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 presently has a “buy” rating on the stock. TD Cowen’s price objective would indicate a potential upside of 28.53% from the stock’s current price.

Several other brokerages have also recently commented on PCT. Craig Hallum raised 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. Cantor Fitzgerald reissued an “overweight” rating and issued a $14.00 price objective on shares of PureCycle Technologies in a research note on Tuesday. Finally, Stifel Nicolaus boosted their price target on PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, PureCycle Technologies has a consensus rating of “Moderate Buy” and an average target price of $10.60.

PureCycle Technologies Price Performance

PureCycle Technologies stock opened at $11.67 on Wednesday. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of -7.78 and a beta of 1.56. The stock’s 50 day moving average is $10.65 and its 200-day moving average is $7.51. The company has a current ratio of 0.67, a quick ratio of 0.54 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.

Insider Transactions at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was purchased at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the acquisition, the insider now owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. This trade represents a 14.81 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.09% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PCT. Algert Global LLC purchased a new stake in shares of PureCycle Technologies in the 2nd quarter worth about $69,000. Tidal Investments LLC purchased a new position in shares of PureCycle Technologies during the first quarter valued at approximately $70,000. Bayesian Capital Management LP purchased a new stake in PureCycle Technologies in the first quarter worth approximately $98,000. Park Edge Advisors LLC purchased a new stake in PureCycle Technologies during the 3rd quarter valued at $100,000. Finally, Hsbc Holdings PLC lifted its holdings in shares of PureCycle Technologies by 11.4% during the 2nd quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock valued at $111,000 after buying an additional 1,910 shares during the period. Institutional investors 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.