PureCycle Technologies, Inc. (NASDAQ:PCT) Major Shareholder Acquires $4,996,595.50 in Stock

PureCycle Technologies, Inc. (NASDAQ:PCT) major shareholder Sylebra Capital Llc bought 619,925 shares of PureCycle Technologies stock in a transaction that occurred on Thursday, February 6th. The stock was purchased at an average cost of $8.06 per share, with a total value of $4,996,595.50. Following the completion of the transaction, the insider now owns 34,077,574 shares of the company’s stock, valued at $274,665,246.44. This trade represents a 1.85 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

PureCycle Technologies Stock Down 2.1 %

Shares of NASDAQ:PCT opened at $8.48 on Tuesday. The company’s fifty day moving average is $10.42 and its 200-day moving average is $9.65. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74. PureCycle Technologies, Inc. has a 52 week low of $4.25 and a 52 week high of $15.58. The company has a market capitalization of $1.47 billion, a PE ratio of -5.65 and a beta of 1.58.

Hedge Funds Weigh In On PureCycle Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCT. Sylebra Capital LLC raised its stake in shares of PureCycle Technologies by 14.6% in the third quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock valued at $317,848,000 after acquiring an additional 4,264,393 shares during the last quarter. Harvard Management Co. Inc. raised its position 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 purchasing an additional 1,783,885 shares during the last quarter. Simplify Asset Management Inc. boosted its stake in PureCycle Technologies by 67.4% in the third quarter. Simplify Asset Management Inc. now owns 1,772,056 shares of the company’s stock worth $16,835,000 after purchasing an additional 713,664 shares in the last quarter. Appian Way Asset Management LP grew its holdings in shares of PureCycle Technologies by 12.9% during the third 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. Finally, Ethos Financial Group LLC acquired a new stake in shares of PureCycle Technologies in the fourth quarter valued at $2,941,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price objective on shares of PureCycle Technologies in a research note on Tuesday, November 19th. TD Cowen increased their price target on shares of PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, 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.

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.