Highview Capital Management LLC DE Buys New Position in PureCycle Technologies, Inc. (NASDAQ:PCT)

Highview Capital Management LLC DE acquired a new position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 31,650 shares of the company's stock, valued at approximately $324,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PCT. Sylebra Capital LLC lifted its stake in shares of PureCycle Technologies by 14.6% during the third quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company's stock valued at $317,848,000 after acquiring an additional 4,264,393 shares during the period. Harvard Management Co. Inc. lifted its position in PureCycle Technologies by 249.7% during the 3rd quarter. Harvard Management Co. Inc. now owns 2,498,170 shares of the company's stock valued at $23,733,000 after purchasing an additional 1,783,885 shares during the period. Simplify Asset Management Inc. boosted its stake in shares of PureCycle Technologies by 67.4% in the 3rd quarter. Simplify Asset Management Inc. now owns 1,772,056 shares of the company's stock valued at $16,835,000 after purchasing an additional 713,664 shares during the last quarter. Appian Way Asset Management LP boosted its stake in shares of PureCycle Technologies by 12.9% in the 3rd quarter. Appian Way Asset Management LP now owns 5,674,168 shares of the company's stock valued at $53,905,000 after purchasing an additional 650,426 shares during the last quarter. Finally, Drive Wealth Management LLC grew its position in shares of PureCycle Technologies by 767.7% during the 4th quarter. Drive Wealth Management LLC now owns 308,027 shares of the company's stock worth $3,157,000 after buying an additional 272,527 shares during the period. Institutional investors and hedge funds own 63.01% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on PCT. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $14.00 price objective on shares of PureCycle Technologies in a research note on Tuesday, November 19th. Stifel Nicolaus lifted their price objective on PureCycle Technologies from $8.00 to $15.00 and gave the stock a "buy" rating in a research note on Tuesday, November 12th. Finally, TD Cowen increased their target price on PureCycle Technologies from $10.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, November 20th.

PureCycle Technologies Trading Down 3.3 %

PCT traded down $0.36 during mid-day trading on Wednesday, hitting $10.55. The stock had a trading volume of 1,711,748 shares, compared to its average volume of 2,153,080. The stock's fifty day simple moving average is $9.98 and its 200-day simple moving average is $9.73. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of -7.05 and a beta of 1.58. PureCycle Technologies, Inc. has a 1-year low of $4.50 and a 1-year high of $15.58. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63.

Insider Transactions at PureCycle Technologies

In related news, major shareholder Sylebra Capital Llc acquired 619,925 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The shares were acquired at an average cost of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the acquisition, the insider now directly owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. The trade was a 1.85 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.09% of the stock is currently owned by insiders.

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.