RIA Advisory Group LLC Purchases New Position in PureCycle Technologies, Inc. (NASDAQ:PCT)

RIA Advisory Group LLC bought a new stake in PureCycle Technologies, Inc. (NASDAQ:PCT) in the 3rd quarter, according to its most recent filing with the SEC. The fund bought 42,639 shares of the company’s stock, valued at approximately $405,000.

A number of other hedge funds also recently bought and sold shares of the business. Verus Capital Partners LLC lifted its stake in shares of PureCycle Technologies by 465.8% in the third quarter. Verus Capital Partners LLC now owns 127,540 shares of the company’s stock worth $1,212,000 after buying an additional 105,000 shares in the last quarter. Ensign Peak Advisors Inc acquired a new stake in PureCycle Technologies in the 2nd quarter valued at about $311,000. Abundance Wealth Counselors lifted its stake in PureCycle Technologies by 6.0% in the 2nd quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock worth $42,562,000 after purchasing an additional 407,353 shares in the last quarter. Longview Asset Management LLC acquired a new position in shares of PureCycle Technologies during the 2nd quarter worth approximately $57,521,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of PureCycle Technologies in the second quarter valued at approximately $689,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on PCT. Stifel Nicolaus boosted their price objective on PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday. Craig Hallum upped their price objective on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 9th. TD Cowen raised their target price on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Cantor Fitzgerald started coverage on shares of PureCycle Technologies in a report on Friday, October 18th. They set an “overweight” rating and a $14.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $9.60.

Insiders Place Their Bets

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the company’s stock in a transaction dated 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 acquisition, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. The trade was a 14.81 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 11.44% of the stock is currently owned by company insiders.

PureCycle Technologies Stock Down 0.9 %

PCT stock opened at $11.04 on Friday. The company’s 50 day moving average price is $10.38 and its 200 day moving average price is $7.39. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of -11.50 and a beta of 1.56. 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 1.06, a quick ratio of 0.54 and a current ratio of 0.67.

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.