Van ECK Associates Corp Sells 65,784 Shares of PureCycle Technologies, Inc. (NASDAQ:PCT)

Van ECK Associates Corp cut its stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 19.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 279,527 shares of the company’s stock after selling 65,784 shares during the quarter. Van ECK Associates Corp owned approximately 0.16% of PureCycle Technologies worth $2,865,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Gladstone Institutional Advisory LLC boosted its stake in PureCycle Technologies by 3.7% in 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. Focused Wealth Management Inc boosted its stake in PureCycle Technologies by 27.9% in the 4th quarter. Focused Wealth Management Inc now owns 16,605 shares of the company’s stock worth $170,000 after purchasing an additional 3,620 shares during the period. Stratos Wealth Partners LTD. boosted its stake in PureCycle Technologies by 8.4% in the 4th quarter. Stratos Wealth Partners LTD. now owns 31,085 shares of the company’s stock worth $319,000 after purchasing an additional 2,400 shares during the period. Fourpath Capital Management LLC boosted its stake in PureCycle Technologies by 49.4% in the 4th quarter. Fourpath Capital Management LLC now owns 23,061 shares of the company’s stock worth $236,000 after purchasing an additional 7,625 shares during the period. Finally, GFS Advisors LLC bought a new position in PureCycle Technologies in the 4th quarter worth approximately $206,000. 63.01% of the stock is currently owned by institutional investors.

PureCycle Technologies Stock Up 1.1 %

NASDAQ PCT opened at $10.58 on Friday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74. The company has a market capitalization of $1.84 billion, a P/E ratio of -7.05 and a beta of 1.58. PureCycle Technologies, Inc. has a one year low of $4.50 and a one year high of $15.58. The stock has a 50 day moving average price of $9.91 and a 200-day moving average price of $9.74.

Insider Activity at PureCycle Technologies

In related news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The shares were bought at an average price of $8.06 per share, for a total transaction of $4,996,595.50. Following the acquisition, the insider now owns 34,077,574 shares of the company’s stock, valued at approximately $274,665,246.44. This represents a 1.85 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 11.44% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PCT has been the subject of a number of research reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 target price on shares of PureCycle Technologies in a research report on Tuesday, November 19th. Stifel Nicolaus increased their target price on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Finally, TD Cowen increased their target price on PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th.

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.