PureCycle Technologies, Inc. (NASDAQ:PCT) Shares Purchased by Simplify Asset Management Inc.

Simplify Asset Management Inc. boosted its stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 67.4% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 1,772,056 shares of the company’s stock after acquiring an additional 713,664 shares during the period. PureCycle Technologies comprises about 0.8% of Simplify Asset Management Inc.’s holdings, making the stock its 16th biggest holding. Simplify Asset Management Inc. owned 1.07% of PureCycle Technologies worth $16,835,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Nwam LLC boosted its holdings in PureCycle Technologies by 20.6% in the 1st quarter. Nwam LLC now owns 18,838 shares of the company’s stock worth $117,000 after buying an additional 3,217 shares during the last quarter. JT Stratford LLC boosted its stake in PureCycle Technologies by 54.0% during the 1st quarter. JT Stratford LLC now owns 44,803 shares of the company’s stock worth $279,000 after purchasing an additional 15,708 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in shares of PureCycle Technologies during the first quarter worth $255,000. Price T Rowe Associates Inc. MD raised its position in shares of PureCycle Technologies by 5.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 86,154 shares of the company’s stock valued at $536,000 after buying an additional 4,258 shares during the last quarter. Finally, Bayesian Capital Management LP purchased a new position in shares of PureCycle Technologies in the first quarter worth about $98,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PCT. TD Cowen upped their price objective on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Stifel Nicolaus increased their price target on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday. Craig Hallum lifted their price objective on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Cantor Fitzgerald started coverage on PureCycle Technologies in a report on Friday, October 18th. They issued an “overweight” rating and a $14.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.60.

Insider Buying and Selling at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was bought at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the acquisition, the insider now directly owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. The trade was a 14.81 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 11.44% of the company’s stock.

PureCycle Technologies Trading Down 0.8 %

PCT traded down $0.09 on Friday, hitting $11.05. The company had a trading volume of 654,477 shares, compared to its average volume of 2,383,513. The company’s fifty day moving average price is $10.25 and its 200 day moving average price is $7.34. PureCycle Technologies, Inc. has a 1 year low of $2.38 and a 1 year high of $15.58. The company has a current ratio of 0.67, a quick ratio of 0.54 and a debt-to-equity ratio of 1.06. The firm has a market cap of $1.82 billion, a P/E ratio of -11.60 and a beta of 1.56.

PureCycle Technologies Company 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.