IHT Wealth Management LLC Buys Shares of 51,050 PureCycle Technologies, Inc. (NASDAQ:PCT)

IHT Wealth Management LLC purchased a new position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 51,050 shares of the company’s stock, valued at approximately $485,000.

A number of other institutional investors have also modified their holdings of PCT. Price T Rowe Associates Inc. MD boosted its stake in shares of PureCycle Technologies by 5.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 86,154 shares of the company’s stock valued at $536,000 after purchasing an additional 4,258 shares during the period. Tidal Investments LLC acquired a new position in shares of PureCycle Technologies in the first quarter worth $70,000. Dynamic Advisor Solutions LLC increased its position in shares of PureCycle Technologies by 18.8% during the second quarter. Dynamic Advisor Solutions LLC now owns 36,100 shares of the company’s stock worth $214,000 after acquiring an additional 5,700 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of PureCycle Technologies by 12.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 37,521 shares of the company’s stock valued at $222,000 after acquiring an additional 4,191 shares in the last quarter. Finally, Abundance Wealth Counselors boosted its holdings in PureCycle Technologies by 6.0% in the second 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 during the period. 63.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PCT shares. TD Cowen upped their price target on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 target price on shares of PureCycle Technologies in a research note on Tuesday, November 19th. Finally, Stifel Nicolaus lifted their price target 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. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.60.

PureCycle Technologies Price Performance

Shares of NASDAQ PCT opened at $13.18 on Monday. The stock’s 50-day simple moving average is $11.69 and its 200-day simple moving average is $8.20. The firm has a market capitalization of $2.29 billion, a PE ratio of -8.79 and a beta of 1.53. PureCycle Technologies, Inc. has a fifty-two week low of $2.38 and a fifty-two week high of $15.58. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was bought at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the purchase, the insider now directly owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. The trade was a 14.81 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 11.44% of the stock is owned by corporate insiders.

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.