Truist Financial Corp Takes $145,000 Position in PureCycle Technologies, Inc. (NASDAQ:PCT)

Truist Financial Corp purchased a new stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 14,144 shares of the company’s stock, valued at approximately $145,000.

Other institutional investors have also made changes to their positions in the company. Keudell Morrison Wealth Management acquired a new stake in shares of PureCycle Technologies during the 4th quarter valued at about $117,000. Bar Harbor Wealth Management bought a new position in shares of PureCycle Technologies in the 4th quarter valued at approximately $154,000. Prospera Private Wealth LLC raised its stake in shares of PureCycle Technologies by 35.9% in the 3rd quarter. Prospera Private Wealth LLC now owns 15,436 shares of the company’s stock valued at $147,000 after acquiring an additional 4,080 shares in the last quarter. Focused Wealth Management Inc raised its stake in shares of PureCycle Technologies by 27.9% in the 4th quarter. Focused Wealth Management Inc now owns 16,605 shares of the company’s stock valued at $170,000 after acquiring an additional 3,620 shares in the last quarter. Finally, Nwam LLC bought a new position in shares of PureCycle Technologies in the 3rd quarter valued at approximately $179,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PCT. Stifel Nicolaus raised their price objective on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. TD Cowen raised their price objective on PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $14.00 price objective on shares of PureCycle Technologies in a research note on Tuesday, November 19th.

PureCycle Technologies Stock Performance

Shares of NASDAQ PCT opened at $8.65 on Friday. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. The business’s 50 day moving average is $9.60 and its two-hundred day moving average is $9.98. The company has a market cap of $1.55 billion, a P/E ratio of -5.77 and a beta of 1.55. PureCycle Technologies, Inc. has a 12 month low of $4.50 and a 12 month high of $15.58.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.32). On average, equities analysts expect that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc acquired 619,925 shares of the stock in a transaction dated Thursday, February 6th. The shares were acquired at an average cost of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the transaction, the insider now owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 11.44% of the company’s stock.

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.