Insider Buying: PureCycle Technologies, Inc. (NYSE:PCT) Major Shareholder Acquires 4,264,393 Shares of Stock

PureCycle Technologies, Inc. (NYSE:PCT) major shareholder Sylebra Capital Llc purchased 4,264,393 shares of PureCycle Technologies stock in a transaction dated Friday, September 13th. The shares were purchased at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the acquisition, the insider now owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

PureCycle Technologies Trading Down 1.6 %

PCT opened at $8.76 on Wednesday. PureCycle Technologies, Inc. has a twelve month low of $2.38 and a twelve month high of $9.55. The company has a fifty day moving average of $6.34 and a 200-day moving average of $5.79. The stock has a market cap of $1.45 billion, a PE ratio of -8.59 and a beta of 1.60. The company has a quick ratio of 0.54, a current ratio of 0.67 and a debt-to-equity ratio of 1.06.

PureCycle Technologies (NYSE:PCT) 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 predict that PureCycle Technologies, Inc. will post -0.87 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PCT shares. TD Cowen boosted their target price on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Stifel Nicolaus increased their price objective on PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a report on Monday, August 12th. Finally, Craig Hallum raised their target price on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $6.75.

Institutional Investors Weigh In On PureCycle Technologies

A number of hedge funds have recently added to or reduced their stakes in the business. VitalStone Financial LLC increased its stake in PureCycle Technologies by 163.9% in the fourth quarter. VitalStone Financial LLC now owns 9,500 shares of the company’s stock valued at $38,000 after purchasing an additional 5,900 shares in the last quarter. National Bank of Canada FI increased its position in PureCycle Technologies by 45.8% in the 4th quarter. National Bank of Canada FI now owns 13,979 shares of the company’s stock valued at $52,000 after buying an additional 4,388 shares in the last quarter. Fortis Group Advisors LLC acquired a new position in PureCycle Technologies during the 1st quarter worth approximately $67,000. Victory Capital Management Inc. boosted its holdings in PureCycle Technologies by 22.5% in the fourth quarter. Victory Capital Management Inc. now owns 17,004 shares of the company’s stock worth $69,000 after acquiring an additional 3,128 shares in the last quarter. Finally, Algert Global LLC acquired a new stake in PureCycle Technologies in the second quarter valued at approximately $69,000. 63.01% of the stock is currently owned by institutional investors.

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.