Insider Buying: PureCycle Technologies, Inc. (NASDAQ:PCT) Major Shareholder Acquires 619,925 Shares of 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 shares were bought at an average cost of $8.06 per share, with a total value of $4,996,595.50. Following the acquisition, the insider now directly owns 34,077,574 shares in the company, valued at $274,665,246.44. This trade represents a 1.85 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

PureCycle Technologies Trading Down 0.4 %

Shares of PCT stock traded down $0.04 during mid-day trading on Monday, hitting $8.63. The company’s stock had a trading volume of 680,827 shares, compared to its average volume of 1,974,566. The company’s fifty day simple moving average is $10.53 and its 200-day simple moving average is $9.65. PureCycle Technologies, Inc. has a 52 week low of $4.25 and a 52 week high of $15.58. The company has a market cap of $1.50 billion, a PE ratio of -5.75 and a beta of 1.58. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Stifel Nicolaus upped their price target on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 price target on shares of PureCycle Technologies in a research report on Tuesday, November 19th. Finally, TD Cowen lifted their price objective on PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, November 20th.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Jones Financial Companies Lllp grew its holdings in PureCycle Technologies by 286.0% during the fourth quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company’s stock worth $32,000 after buying an additional 2,291 shares in the last quarter. US Bancorp DE boosted its holdings in PureCycle Technologies by 141.5% during the fourth quarter. US Bancorp DE now owns 3,446 shares of the company’s stock worth $35,000 after purchasing an additional 2,019 shares during the last quarter. Park Edge Advisors LLC bought a new stake in PureCycle Technologies in the 3rd quarter worth about $100,000. Fortis Group Advisors LLC boosted its stake in shares of PureCycle Technologies by 12.5% in the 3rd quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock worth $117,000 after buying an additional 1,376 shares during the last quarter. Finally, Keudell Morrison Wealth Management purchased a new position in PureCycle Technologies in the fourth quarter worth $117,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

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.