Wealth Effects LLC Sells 28,000 Shares of PureCycle Technologies, Inc. (NASDAQ:PCT)

Wealth Effects LLC lowered its position in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 30.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 65,200 shares of the company's stock after selling 28,000 shares during the quarter. Wealth Effects LLC's holdings in PureCycle Technologies were worth $668,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PCT. Sylebra Capital LLC boosted its holdings in 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 purchasing an additional 4,264,393 shares in the last quarter. Harvard Management Co. Inc. boosted its stake in PureCycle Technologies by 249.7% in the 3rd 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 in the last quarter. Simplify Asset Management Inc. boosted its stake in 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 buying an additional 713,664 shares in the last quarter. Appian Way Asset Management LP grew its position in PureCycle Technologies by 12.9% in the third quarter. Appian Way Asset Management LP now owns 5,674,168 shares of the company's stock valued at $53,905,000 after acquiring an additional 650,426 shares during the period. Finally, Drive Wealth Management LLC raised its stake in PureCycle Technologies by 767.7% during the fourth quarter. Drive Wealth Management LLC now owns 308,027 shares of the company's stock worth $3,157,000 after acquiring an additional 272,527 shares in the last quarter. Institutional investors and hedge funds own 63.01% of the company's stock.

PureCycle Technologies Price Performance

NASDAQ PCT traded down $0.14 on Friday, hitting $9.32. 1,141,399 shares of the company were exchanged, compared to its average volume of 1,798,433. PureCycle Technologies, Inc. has a 1-year low of $3.75 and a 1-year high of $15.58. The firm has a 50 day moving average of $11.03 and a two-hundred day moving average of $9.50. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36. The company has a market cap of $1.62 billion, a P/E ratio of -6.21 and a beta of 1.59.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PCT. TD Cowen boosted their target price 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. Stifel Nicolaus upped their price objective on shares of PureCycle Technologies from $8.00 to $15.00 and gave the stock a "buy" rating in a research note on Tuesday, November 12th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $14.00 price objective on shares of PureCycle Technologies in a report on Tuesday, November 19th.

About PureCycle Technologies

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.