PureCycle Technologies (NYSE:PCT) Shares Gap Up to $5.80

PureCycle Technologies, Inc. (NYSE:PCT - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $5.80, but opened at $6.00. PureCycle Technologies shares last traded at $5.78, with a volume of 283,629 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Craig Hallum downgraded shares of PureCycle Technologies from a "buy" rating to a "hold" rating and set a $4.00 price target on the stock. in a report on Wednesday, January 3rd. Roth Mkm downgraded shares of PureCycle Technologies from a "buy" rating to a "neutral" rating and reduced their price target for the company from $6.00 to $3.00 in a report on Tuesday, December 19th. Finally, Roth Capital downgraded shares of PureCycle Technologies from a "buy" rating to a "neutral" rating in a report on Tuesday, December 19th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $7.75.

PureCycle Technologies Stock Performance

The business's fifty day moving average price is $5.36 and its two-hundred day moving average price is $4.63. The company has a debt-to-equity ratio of 1.21, a quick ratio of 2.92 and a current ratio of 2.92. The stock has a market capitalization of $978.44 million, a P/E ratio of -8.86 and a beta of 1.51.

PureCycle Technologies (NYSE:PCT - Get Free Report) last posted its earnings results on Tuesday, March 5th. The company reported ($0.15) earnings per share for the quarter, topping analysts' consensus estimates of ($0.23) by $0.08. As a group, sell-side analysts forecast that PureCycle Technologies, Inc. will post -0.53 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Fernando Musa purchased 18,303 shares of the company's stock in a transaction that occurred on Friday, March 8th. The stock was purchased at an average cost of $5.46 per share, with a total value of $99,934.38. Following the purchase, the director now owns 68,413 shares in the company, valued at $373,534.98. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 11.44% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PureCycle Technologies

A number of large investors have recently made changes to their positions in PCT. Moneta Group Investment Advisors LLC boosted its position in PureCycle Technologies by 113,962.7% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 45,370,710 shares of the company's stock valued at $306,706,000 after buying an additional 45,330,933 shares during the period. Sylebra Capital LLC purchased a new stake in PureCycle Technologies in the 3rd quarter valued at about $163,774,000. Alliancebernstein L.P. boosted its position in PureCycle Technologies by 1,171.5% in the 4th quarter. Alliancebernstein L.P. now owns 1,378,520 shares of the company's stock valued at $9,319,000 after buying an additional 1,270,100 shares during the period. Balyasny Asset Management L.P. boosted its position in PureCycle Technologies by 57.3% in the 1st quarter. Balyasny Asset Management L.P. now owns 2,873,531 shares of the company's stock valued at $20,115,000 after buying an additional 1,047,268 shares during the period. Finally, BlackRock Inc. boosted its position in PureCycle Technologies by 11.2% in the 2nd quarter. BlackRock Inc. now owns 8,067,267 shares of the company's stock valued at $86,239,000 after buying an additional 814,248 shares during the period. 63.01% of the stock is owned by hedge funds and other 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.