State Street Corp Acquires 21,706 Shares of PureCycle Technologies, Inc. (NASDAQ:PCT)

State Street Corp increased its holdings in PureCycle Technologies, Inc. (NASDAQ:PCT) by 0.8% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,809,178 shares of the company’s stock after purchasing an additional 21,706 shares during the period. State Street Corp owned approximately 1.70% of PureCycle Technologies worth $26,687,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Park Edge Advisors LLC purchased a new position in shares of PureCycle Technologies in the third quarter valued at about $100,000. Algert Global LLC bought a new stake in shares of PureCycle Technologies in the second quarter worth about $69,000. Fortis Group Advisors LLC increased its holdings in PureCycle Technologies by 12.5% during the 3rd quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock valued at $117,000 after purchasing an additional 1,376 shares during the period. Prospera Private Wealth LLC raised its position in PureCycle Technologies by 35.9% during the 3rd quarter. Prospera Private Wealth LLC now owns 15,436 shares of the company’s stock valued at $147,000 after purchasing an additional 4,080 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in PureCycle Technologies by 11.4% in the 2nd quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock worth $111,000 after buying an additional 1,910 shares during the period. Institutional investors own 63.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PCT. Stifel Nicolaus raised their target price on shares of PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price objective on shares of PureCycle Technologies in a report on Tuesday, November 19th. Finally, TD Cowen upped 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.

PureCycle Technologies Stock Performance

PCT stock opened at $10.85 on Monday. PureCycle Technologies, Inc. has a 12-month low of $2.38 and a 12-month high of $15.58. The stock’s 50 day simple moving average is $12.20 and its 200 day simple moving average is $8.65. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $1.88 billion, a PE ratio of -7.23 and a beta of 1.53.

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.