PureCycle Technologies (NASDAQ:PCT) Shares Gap Up – What’s Next?

PureCycle Technologies, Inc. (NASDAQ:PCT) shares 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 analysts recently issued reports on PCT shares. Stifel Nicolaus boosted their price target on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. TD Cowen upped 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. 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. Finally, Craig Hallum boosted their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, PureCycle Technologies currently has an average rating of “Moderate Buy” and an average price target of $10.60.

PureCycle Technologies Price Performance

The firm has a market cap of $2.40 billion, a PE ratio of -9.30 and a beta of 1.56. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36. The company has a 50 day moving average price of $11.33 and a 200 day moving average price of $7.94.

Insider Buying and Selling at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was purchased at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the transaction, the insider now owns 33,050,456 shares in the company, 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 SEC, which is available at the SEC website. 11.44% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PureCycle Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC grew its holdings in PureCycle Technologies by 0.5% in the 3rd quarter. FMR LLC now owns 230,755 shares of the company’s stock worth $2,192,000 after buying an additional 1,083 shares in the last quarter. Fortis Group Advisors LLC increased its holdings in shares of PureCycle Technologies by 12.5% during the third quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock valued at $117,000 after purchasing an additional 1,376 shares during the period. Patriot Financial Group Insurance Agency LLC raised its stake in shares of PureCycle Technologies by 7.4% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 26,846 shares of the company’s stock valued at $159,000 after purchasing an additional 1,850 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in PureCycle Technologies by 11.4% in the second quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock worth $111,000 after purchasing an additional 1,910 shares during the period. Finally, Foster Victor Wealth Advisors LLC grew its position in PureCycle Technologies by 6.7% in the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 31,951 shares of the company’s stock valued at $192,000 after buying an additional 2,000 shares in the last quarter. 63.01% of the stock is currently owned by institutional investors and hedge funds.

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.