For the second week in a row, next-generation plastic recycling specialist PureCycle Technologies (NASDAQ: PCT) was quite the hit on the stock exchange.
Thanks to a successful round of capital raising and a bullish analyst note on its prospects, the company’s shares were trading nearly 21% higher week to date early Friday morning, according to data compiled by S&P Global Market Intelligence.
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$300 million worth of good news
PureCycle has managed to raise $300 million in fresh capital commitments from a mix of former and new investors. It did so via a flotation of convertible preferred shares.
Image source: Getty Images.
With these funds coming to its coffers, the company also announced that it aims to bring 1 billion pounds of installed recycling capacity onstream by 2030. That $300 million will help it expand its current operations in Augusta, Georgia, and build new facilities overseas in Asia (specifically Thailand) and Europe (Belgium).
In its press release on the matter, PureCycle quoted CEO Dustin Olson: “Over the last several years, we have continued to invest time and resources in progressing our global growth plans and this capital will allow us to execute on those plans.”
Still a buy, maintains analyst
Meanwhile, also over the past few days, an analyst covering PureCycle stock felt compelled to publish a bullish note on the company (this occurred on Monday, so it didn’t address the convertible preferred stock issue).
In his new PureCycle note, Cantor Fitzgerald’s Andrew Sheppard reiterated his overweight (i.e., buy) recommendation on the stock and his $12-per-share price target. According to reports, he cited the company’s early-mover advantage in its niche, its exclusive technology, and what he considers its large addressable market as key factors in his rating.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
