PureCycle Technologies, Inc. (NASDAQ:PCT) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp reduced its position in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 34.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 345,311 shares of the company's stock after selling 181,918 shares during the period. Van ECK Associates Corp owned 0.21% of PureCycle Technologies worth $3,280,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ensign Peak Advisors Inc purchased a new stake in shares of PureCycle Technologies in the 2nd quarter valued at about $311,000. Abundance Wealth Counselors raised 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 acquiring an additional 407,353 shares during the last quarter. Longview Asset Management LLC purchased a new stake in PureCycle Technologies during the 2nd quarter valued at approximately $57,521,000. Sanctuary Advisors LLC purchased a new stake in PureCycle Technologies during the 2nd quarter valued at approximately $689,000. Finally, Marshall Wace LLP purchased a new stake in PureCycle Technologies during the 2nd quarter valued at approximately $322,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

PureCycle Technologies Price Performance

NASDAQ:PCT traded down $0.50 during trading hours on Friday, reaching $11.96. 2,935,922 shares of the company traded hands, compared to its average volume of 3,508,901. The firm's 50-day moving average is $9.74 and its 200-day moving average is $7.16. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.67 and a quick ratio of 0.54. PureCycle Technologies, Inc. has a 1-year low of $2.38 and a 1-year high of $15.58.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.13). On average, sell-side analysts anticipate that PureCycle Technologies, Inc. will post -1.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the business'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 transaction, the insider now owns 33,050,456 shares of the company's stock, valued at $155,006,638.64. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 11.44% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PCT. TD Cowen increased their target price on PureCycle Technologies from $7.50 to $10.00 and gave the stock a "buy" rating in a research note on Friday, August 9th. Stifel Nicolaus increased their target price on PureCycle Technologies from $7.00 to $8.00 and gave the stock a "buy" rating in a research note on Monday, August 12th. Cantor Fitzgerald began coverage on PureCycle Technologies in a research note on Friday, October 18th. They set an "overweight" rating and a $14.00 target price for the company. Finally, Craig Hallum increased their target price on PureCycle Technologies from $4.00 to $6.00 and gave the stock a "hold" rating in a research note on Friday, August 9th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $8.20.

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.