PNC Financial Services Group Inc. Sells 139,478 Shares of PureCycle Technologies, Inc. (NASDAQ:PCT)

PNC Financial Services Group Inc. reduced its holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 15.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 771,765 shares of the company's stock after selling 139,478 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.47% of PureCycle Technologies worth $7,332,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Verus Capital Partners LLC lifted its holdings in PureCycle Technologies by 465.8% during the 3rd quarter. Verus Capital Partners LLC now owns 127,540 shares of the company's stock worth $1,212,000 after purchasing an additional 105,000 shares during the last quarter. Ensign Peak Advisors Inc acquired a new position in PureCycle Technologies in the 2nd quarter valued at $311,000. Abundance Wealth Counselors raised its holdings in PureCycle Technologies by 6.0% in the 2nd quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company's stock valued at $42,562,000 after acquiring an additional 407,353 shares in the last quarter. Simplify Asset Management Inc. raised its holdings 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 acquiring an additional 713,664 shares in the last quarter. Finally, Longview Asset Management LLC acquired a new position in PureCycle Technologies in the 2nd quarter valued at $57,521,000. 63.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PCT has been the subject of several analyst reports. Stifel Nicolaus lifted their price objective on PureCycle Technologies from $8.00 to $15.00 and gave the company a "buy" rating in a report on Tuesday, November 12th. Craig Hallum boosted their price target on PureCycle Technologies from $4.00 to $6.00 and gave the stock a "hold" rating in a report on Friday, August 9th. TD Cowen boosted their price target on PureCycle Technologies from $10.00 to $15.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $14.00 price objective on shares of PureCycle Technologies in a research report on Tuesday, November 19th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $10.60.

Insider Activity at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the company's stock in a transaction that occurred on Friday, September 13th. The shares were acquired at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the purchase, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. This represents a 14.81 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 11.44% of the stock is owned by corporate insiders.

PureCycle Technologies Trading Up 2.1 %

Shares of PureCycle Technologies stock traded up $0.24 on Friday, hitting $11.93. 2,123,287 shares of the company's stock traded hands, compared to its average volume of 3,051,177. PureCycle Technologies, Inc. has a one year low of $2.38 and a one 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 0.54. The company has a fifty day moving average of $10.89 and a two-hundred day moving average of $7.64. The company has a market capitalization of $2.07 billion, a price-to-earnings ratio of -7.95 and a beta of 1.56.

PureCycle Technologies 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.