PureCycle Technologies (NASDAQ:PCT) Price Target Raised to $15.00 at Stifel Nicolaus

PureCycle Technologies (NASDAQ:PCT) had its target price lifted by stock analysts at Stifel Nicolaus from $8.00 to $15.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective points to a potential upside of 16.01% from the company’s previous close.

A number of other equities research analysts also recently issued reports on PCT. Craig Hallum increased their price objective 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. Cantor Fitzgerald began coverage on shares of PureCycle Technologies in a research report on Friday, October 18th. They issued an “overweight” rating and a $14.00 price target for the company. Finally, TD Cowen increased their price objective on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, PureCycle Technologies has an average rating of “Moderate Buy” and an average price target of $9.60.

PureCycle Technologies Stock Up 0.2 %

PCT traded up $0.02 on Tuesday, hitting $12.93. 2,760,947 shares of the company were exchanged, compared to its average volume of 2,378,901. The stock’s fifty day moving average is $9.88 and its 200-day moving average is $7.23. PureCycle Technologies has a 12 month low of $2.38 and a 12 month high of $15.58. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67. The company has a market cap of $2.13 billion, a PE ratio of -13.47 and a beta of 1.56.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was bought at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the purchase, the insider now directly owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 11.44% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Forum Financial Management LP raised its position in shares of PureCycle Technologies by 11.1% during the 1st quarter. Forum Financial Management LP now owns 300,000 shares of the company’s stock worth $1,866,000 after purchasing an additional 30,000 shares during the last quarter. Nwam LLC lifted its stake in shares of PureCycle Technologies by 20.6% in the first quarter. Nwam LLC now owns 18,838 shares of the company’s stock worth $117,000 after acquiring an additional 3,217 shares in the last quarter. JT Stratford LLC lifted its position in shares of PureCycle Technologies by 54.0% during the first quarter. JT Stratford LLC now owns 44,803 shares of the company’s stock worth $279,000 after purchasing an additional 15,708 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of PureCycle Technologies in the 1st quarter valued at about $255,000. Finally, Price T Rowe Associates Inc. MD grew its stake in PureCycle Technologies by 5.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 86,154 shares of the company’s stock worth $536,000 after buying an additional 4,258 shares during the last quarter. Institutional investors and hedge funds 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.