Verus Capital Partners LLC Increases Stake in PureCycle Technologies, Inc. (NASDAQ:PCT)

Verus Capital Partners LLC boosted its holdings in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 465.8% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 127,540 shares of the company's stock after buying an additional 105,000 shares during the period. Verus Capital Partners LLC owned 0.08% of PureCycle Technologies worth $1,212,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Longview Asset Management LLC acquired a new position in PureCycle Technologies during the 2nd quarter valued at about $57,521,000. Abundance Wealth Counselors increased 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 in the last quarter. Gladstone Institutional Advisory LLC raised its holdings 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 worth $31,730,000 after buying an additional 44,571 shares during the last quarter. Long Focus Capital Management LLC lifted its stake in shares of PureCycle Technologies by 3.2% during the second quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company's stock worth $14,230,000 after buying an additional 75,000 shares during the period. Finally, SWS Partners grew its holdings in shares of PureCycle Technologies by 3.3% during the second quarter. SWS Partners now owns 895,545 shares of the company's stock valued at $5,302,000 after buying an additional 28,397 shares during the last quarter. Institutional investors own 63.01% of the company's stock.

Insider Buying and Selling at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the stock in a transaction dated Friday, September 13th. The shares were bought at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the acquisition, the insider now directly owns 33,050,456 shares of the company's stock, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 11.44% of the company's stock.

PureCycle Technologies Stock Performance

PureCycle Technologies stock traded down $0.24 during trading hours on Tuesday, reaching $12.66. 3,976,277 shares of the company were exchanged, compared to its average volume of 2,384,763. PureCycle Technologies, Inc. has a 12 month low of $2.38 and a 12 month high of $15.58. The company has a current ratio of 0.67, a quick ratio of 0.54 and a debt-to-equity ratio of 1.06. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of -13.47 and a beta of 1.56. The stock has a 50-day moving average of $9.88 and a 200 day moving average of $7.23.

Analysts Set New Price Targets

A number of analysts recently issued reports on PCT shares. Cantor Fitzgerald assumed coverage on shares of PureCycle Technologies in a report on Friday, October 18th. They set an "overweight" rating and a $14.00 price target on the stock. TD Cowen lifted their price objective on PureCycle Technologies from $7.50 to $10.00 and gave the company a "buy" rating in a research note on Friday, August 9th. Craig Hallum increased their price objective on PureCycle Technologies from $4.00 to $6.00 and gave the company a "hold" rating in a report on Friday, August 9th. Finally, Stifel Nicolaus raised their price objective on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a "buy" rating in a research note on Tuesday. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $9.60.

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.