Sanctuary Advisors LLC Makes New $689,000 Investment in PureCycle Technologies, Inc. (NYSE:PCT)

Sanctuary Advisors LLC purchased a new stake in shares of PureCycle Technologies, Inc. (NYSE:PCT) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 116,464 shares of the company’s stock, valued at approximately $689,000.

Other hedge funds also recently added to or reduced their stakes in the company. Longview Asset Management LLC purchased a new stake in shares of PureCycle Technologies during the second quarter valued at $57,521,000. Abundance Wealth Counselors raised its holdings in shares of PureCycle Technologies by 21.0% during the first quarter. Abundance Wealth Counselors now owns 6,782,137 shares of the company’s stock valued at $42,185,000 after purchasing an additional 1,178,570 shares during the last quarter. Van ECK Associates Corp purchased a new stake in PureCycle Technologies in the second quarter worth approximately $3,121,000. Long Focus Capital Management LLC grew its position in PureCycle Technologies by 3.2% in the 2nd quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company’s stock worth $14,230,000 after purchasing an additional 75,000 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in PureCycle Technologies by 15.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 448,088 shares of the company’s stock valued at $2,653,000 after buying an additional 61,158 shares during the last quarter. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other 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 acquired at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the purchase, the insider now directly owns 33,050,456 shares in the company, 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 is available at the SEC website. 11.44% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PCT has been the topic of a number of research reports. TD Cowen raised their price target on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Craig Hallum lifted their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Finally, Stifel Nicolaus upped their price objective on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.75.

PureCycle Technologies Stock Performance

PCT opened at $9.40 on Monday. The company has a 50 day simple moving average of $7.29 and a two-hundred day simple moving average of $6.26. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.67 and a quick ratio of 0.54. The firm has a market cap of $1.55 billion, a P/E ratio of -9.79 and a beta of 1.63. PureCycle Technologies, Inc. has a 1-year low of $2.38 and a 1-year high of $10.68.

PureCycle Technologies (NYSE:PCT) last released its earnings results on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.13). Equities analysts forecast that PureCycle Technologies, Inc. will post -0.85 earnings per share for the current fiscal year.

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.