Taking a look at what insiders are doing to gauge the PureCycle Technologies Inc. (PCT)’s direction

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The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. PureCycle Technologies Inc. shares valued at $539,211 were sold by Scott John Stewart on Jul 20. At $7.42 per share, Scott John Stewart sold 72,716 shares. The insider’s holdings dropped to 1,159,709 shares worth approximately $8.85 million following the completion of this transaction.


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Also, Scott John Stewart sold 73,546 shares, netting a total of over 527,215 in proceeds. Following the sale of shares at $7.17 each, the insider now holds 1,232,425 shares.

Before that, Scott John Stewart had sold 26,926 shares from its account. In a trade valued at $189,543, the Director traded PureCycle Technologies Inc. shares for $7.04 each. Upon closing the transaction, the insider’s holdings decreased to 26,926 shares, worth approximately $9.96 million.

As published in their initiating research note from Stifel on September 16, 2022, PureCycle Technologies Inc. [PCT] has been a Buy and the price target has been revised to $15. This represents a 49.13% premium over Thursday’s closing price. Analysts at Cowen started covering the stock with ‘”an Outperform”‘ outlook in a report released in late September. As of August 26, 2021, Jefferies has initiated its “Buy” rating for PCT. Earlier on June 07, 2021, Alembic Global Advisors initiated its rating. Their recommendation was “an Overweight” for PCT stock.

Analyzing PCT Stock Performance

On Thursday, PureCycle Technologies Inc. [NASDAQ: PCT] plunged -5.22% to $7.63. The stock’s lowest price that day was $7.63, but it reached a high of $8.13 in the same session. During the last five days, there has been a drop of approximately -6.15%. Over the course of the year, PureCycle Technologies Inc. shares have dropped approximately -20.27%. Shares of the company reached a 52-week high of $10.95 on 08/15/22 and a 52-week low of $4.94 on 01/28/22. A 50-day SMA is recorded $8.74, while a 200-day SMA reached $8.06. Nevertheless, trading volume fell to 0.74 million shares from 0.64 million shares the previous day.

Support And Resistance Levels for PureCycle Technologies Inc. (PCT)

According to the 24-hour chart, there is a support level at 7.46, which, if violated, would cause prices to drop to 7.30. In the upper region, resistance lies at 7.96. The next price resistance is at 8.30. RSI (Relative Strength Index) is 41.25 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.13, which suggests the price will decrease in the coming days. Percent R is at 84.62%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is PureCycle Technologies Inc. subject to short interest?

Stocks of PureCycle Technologies Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 2.78 million shares to 19.63 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 16.85 million shares. A jump of 14.16% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 12.75 of the overall float, the days-to-cover ratio (short ratio) jumped to 12.75.

Which companies own the most shares of PureCycle Technologies Inc. (PCT)?

According to Sylebra Capital Ltd. filings, the company currently owns 29,193,256 shares, which is about 17.85% of the total PCT shares outstanding. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $83,206,308. Samlyn Capital LLC reduced a -2.07% interest valued at $77.69 million while BlackRock Fund Advisors purchased a 2,413,695 stake. A total of 5,751,399 shares of PureCycle Technologies Inc. were bought by Abundance Wealth Counselors LLC during the quarter, and -19,033 were sold by BNP Paribas Asset Management UK L. In its current portfolio, Encompass Capital Advisors LLC holds 4,196,298 shares valued at $33.86 million.

In terms of PureCycle Technologies Inc. share price expectations, FactSet research, analysts set an average price target of $18.29 in the next 12 months, up nearly 111.18% from the previous closing price of $8.05. Analysts anticipate PureCycle Technologies Inc. stock to reach $30.00 by 2022, with the lowest price target being $14.00. In spite of this, 7 analysts ranked PureCycle Technologies Inc. stock as a Buy at the end of 2022. On May 24, 2021, Oppenheimer assigned a price target of “an Outperform” to the stock and initiated coverage with a $24.

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