Proficio Capital Partners LLC Purchases New Shares in PureCycle Technologies, Inc. (NASDAQ:PCT)

Proficio Capital Partners LLC purchased a new position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,423 shares of the company’s stock, valued at approximately $127,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PCT. Sylebra Capital LLC boosted its stake in shares of PureCycle Technologies by 14.6% in the 3rd quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock valued at $317,848,000 after purchasing an additional 4,264,393 shares in the last quarter. Harvard Management Co. Inc. lifted its stake in PureCycle Technologies by 249.7% in the 3rd quarter. Harvard Management Co. Inc. now owns 2,498,170 shares of the company’s stock valued at $23,733,000 after purchasing an additional 1,783,885 shares during the last quarter. Simplify Asset Management Inc. boosted its position in PureCycle Technologies by 67.4% in the third quarter. Simplify Asset Management Inc. now owns 1,772,056 shares of the company’s stock valued at $16,835,000 after buying an additional 713,664 shares in the last quarter. Appian Way Asset Management LP grew its stake in shares of PureCycle Technologies by 12.9% during the third quarter. Appian Way Asset Management LP now owns 5,674,168 shares of the company’s stock worth $53,905,000 after buying an additional 650,426 shares during the last quarter. Finally, Drive Wealth Management LLC increased its holdings in shares of PureCycle Technologies by 767.7% during the fourth quarter. Drive Wealth Management LLC now owns 308,027 shares of the company’s stock worth $3,157,000 after buying an additional 272,527 shares in the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.

Insider Buying and Selling at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the business’s stock in a transaction on Thursday, February 6th. The shares were acquired at an average price of $8.06 per share, with a total value of $4,996,595.50. Following the completion of the transaction, the insider now owns 34,077,574 shares of the company’s stock, valued at $274,665,246.44. The trade was a 1.85 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PCT. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price objective on shares of PureCycle Technologies in a research report on Tuesday, November 19th. TD Cowen boosted their price target on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th.

PureCycle Technologies Stock Performance

Shares of PureCycle Technologies stock opened at $7.66 on Thursday. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -5.11 and a beta of 1.55. PureCycle Technologies, Inc. has a twelve month low of $4.50 and a twelve month high of $15.58. The company’s fifty day moving average is $9.39 and its 200 day moving average is $10.06. 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 (NASDAQ:PCT) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.32). Sell-side analysts forecast that PureCycle Technologies, Inc. will post -1.01 EPS for the current 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.