IHT Wealth Management LLC acquired a new position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 51,050 shares of the company's stock, valued at approximately $485,000.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Longview Asset Management LLC bought a new position in shares of PureCycle Technologies during the second quarter worth about $57,521,000. Abundance Wealth Counselors boosted its stake in PureCycle Technologies by 6.0% during the 2nd quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company's stock valued at $42,562,000 after purchasing an additional 407,353 shares during the period. Appian Way Asset Management LP grew its position in 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 worth $53,905,000 after purchasing an additional 650,426 shares during the last quarter. Gladstone Institutional Advisory LLC increased its stake in shares of PureCycle Technologies by 1.4% in the third quarter. Gladstone Institutional Advisory LLC now owns 3,339,952 shares of the company's stock valued at $31,730,000 after purchasing an additional 44,571 shares during the period. Finally, Harvard Management Co. Inc. raised its holdings in shares of PureCycle Technologies by 249.7% during the third quarter. Harvard Management Co. Inc. now owns 2,498,170 shares of the company's stock valued at $23,733,000 after buying an additional 1,783,885 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company's stock.
Insider Activity
In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the company's stock in a transaction dated Friday, September 13th. The shares were bought at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the purchase, the insider now directly owns 33,050,456 shares in the company, valued at $155,006,638.64. This trade represents a 14.81 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.09% of the stock is currently owned by corporate insiders.
PureCycle Technologies Stock Performance
NASDAQ PCT traded down $0.31 during trading on Monday, reaching $12.87. 1,533,300 shares of the company's stock were exchanged, compared to its average volume of 2,379,556. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36. PureCycle Technologies, Inc. has a fifty-two week low of $2.38 and a fifty-two week high of $15.58. The company's fifty day simple moving average is $11.69 and its 200-day simple moving average is $8.22.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on PCT. TD Cowen lifted their price objective on shares of PureCycle Technologies from $10.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, November 20th. Cantor Fitzgerald restated an "overweight" rating and set a $14.00 price target on shares of PureCycle Technologies in a research report on Tuesday, November 19th. Finally, Stifel Nicolaus increased their price objective on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a "buy" rating in a report on Tuesday, November 12th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $10.60.
View Our Latest Stock Report on PureCycle Technologies
About PureCycle Technologies
(
Free Report)
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.
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