TD Cowen Increases PureCycle Technologies (NYSE:PCT) Price Target to $10.00

PureCycle Technologies (NYSE:PCT) had its price target hoisted by stock analysts at TD Cowen from $7.50 to $10.00 in a report released on Friday, MarketBeat.com reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price target suggests a potential upside of 77.30% from the stock’s previous close.

Separately, Stifel Nicolaus reissued a “buy” rating and issued a $7.00 target price on shares of PureCycle Technologies in a research note on Wednesday, July 3rd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, PureCycle Technologies currently has an average rating of “Hold” and a consensus price target of $6.50.

PureCycle Technologies Price Performance

PCT stock traded down $0.67 during midday trading on Friday, reaching $5.64. The stock had a trading volume of 3,257,962 shares, compared to its average volume of 1,796,755. PureCycle Technologies has a 52-week low of $2.38 and a 52-week high of $11.73. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.84. The company’s fifty day simple moving average is $6.11 and its 200 day simple moving average is $5.55. The company has a market cap of $928.51 million, a price-to-earnings ratio of -5.53 and a beta of 1.62.

Institutional Investors Weigh In On PureCycle Technologies

Hedge funds have recently added to or reduced their stakes in the business. Raymond James & Associates lifted its stake in PureCycle Technologies by 47.0% in the fourth quarter. Raymond James & Associates now owns 60,818 shares of the company’s stock worth $246,000 after acquiring an additional 19,458 shares during the last quarter. Arizona State Retirement System raised its holdings in PureCycle Technologies by 16.3% during the fourth quarter. Arizona State Retirement System now owns 29,798 shares of the company’s stock worth $121,000 after purchasing an additional 4,167 shares in the last quarter. Cerity Partners LLC purchased a new stake in shares of PureCycle Technologies during the 4th quarter worth approximately $182,000. Wealth Effects LLC grew its position in shares of PureCycle Technologies by 57.4% in the 4th quarter. Wealth Effects LLC now owns 87,050 shares of the company’s stock valued at $353,000 after buying an additional 31,750 shares during the last quarter. Finally, Goodman Advisory Group LLC acquired a new stake in PureCycle Technologies during the 4th quarter worth $54,000. 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.