Fortis Group Advisors LLC Has $117,000 Holdings in PureCycle Technologies, Inc. (NYSE:PCT)

Fortis Group Advisors LLC increased its stake in shares of PureCycle Technologies, Inc. (NYSE:PCT) by 12.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,359 shares of the company’s stock after purchasing an additional 1,376 shares during the period. Fortis Group Advisors LLC’s holdings in PureCycle Technologies were worth $117,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Ensign Peak Advisors Inc acquired a new position in PureCycle Technologies in the second quarter valued at about $311,000. Abundance Wealth Counselors grew its stake 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 acquiring an additional 407,353 shares during the period. Longview Asset Management LLC acquired a new position in PureCycle Technologies in the second quarter valued at about $57,521,000. Marshall Wace LLP acquired a new position in PureCycle Technologies in the second quarter valued at about $322,000. Finally, Sanctuary Advisors LLC acquired a new position in PureCycle Technologies in the second quarter valued at about $689,000. 63.01% of the stock is owned by institutional investors and hedge funds.

PureCycle Technologies Stock Performance

PCT opened at $11.19 on Wednesday. PureCycle Technologies, Inc. has a 52-week low of $2.38 and a 52-week high of $11.35. The firm has a market capitalization of $1.84 billion, a PE ratio of -10.97 and a beta of 1.63. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67. The business’s 50-day simple moving average is $7.76 and its 200 day simple moving average is $6.44.

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

Analyst Ratings Changes

A number of research firms have issued reports on PCT. Stifel Nicolaus boosted their target price on PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Cantor Fitzgerald assumed coverage on PureCycle Technologies in a report on Friday, October 18th. They issued an “overweight” rating and a $14.00 price target on the stock. TD Cowen boosted their price target on PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, Craig Hallum boosted their price target on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $8.20.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were acquired 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 trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 11.44% of the stock is currently 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.