Insider Buying: PureCycle Technologies, Inc. (NASDAQ:PCT) Major Shareholder Purchases $4,996,595.50 in Stock

PureCycle Technologies, Inc. (NASDAQ:PCT) major shareholder Sylebra Capital Llc bought 619,925 shares of PureCycle Technologies stock in a transaction dated Thursday, February 6th. The stock was purchased at an average cost of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the acquisition, the insider now directly owns 34,077,574 shares of the company’s stock, valued at approximately $274,665,246.44. The trade was a 1.85 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

PureCycle Technologies Trading Up 0.6 %

PCT opened at $8.81 on Thursday. The business has a fifty day simple moving average of $10.23 and a 200-day simple moving average of $9.65. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. PureCycle Technologies, Inc. has a 52 week low of $4.25 and a 52 week high of $15.58. The firm has a market cap of $1.53 billion, a P/E ratio of -5.87 and a beta of 1.58.

Institutional Investors Weigh In On PureCycle Technologies

Several institutional investors have recently modified their holdings of PCT. Sylebra Capital LLC increased its position in PureCycle Technologies by 14.6% during the third quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock worth $317,848,000 after buying an additional 4,264,393 shares during the period. Vanguard Group Inc. grew its position in shares of PureCycle Technologies by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 14,100,507 shares of the company’s stock valued at $144,530,000 after purchasing an additional 758,382 shares during the last quarter. Appian Way Asset Management LP raised its stake in PureCycle Technologies by 12.9% in the 3rd quarter. Appian Way Asset Management LP now owns 5,674,168 shares of the company’s stock valued at $53,905,000 after purchasing an additional 650,426 shares during the last quarter. Gladstone Institutional Advisory LLC lifted its stake in shares of PureCycle Technologies by 3.7% during the 4th quarter. Gladstone Institutional Advisory LLC now owns 3,462,652 shares of the company’s stock worth $35,492,000 after purchasing an additional 122,700 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of PureCycle Technologies by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 3,185,348 shares of the company’s stock worth $32,658,000 after acquiring an additional 60,903 shares during the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PCT shares. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 target price on shares of PureCycle Technologies in a research note on Tuesday, November 19th. Stifel Nicolaus increased their price target on shares of PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, TD Cowen raised their target price on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th.

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.