Drive Wealth Management LLC Purchases 23,000 Shares of PureCycle Technologies, Inc. (NASDAQ:PCT)

Drive Wealth Management LLC raised its position in PureCycle Technologies, Inc. (NASDAQ:PCT) by 184.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 35,500 shares of the company’s stock after acquiring an additional 23,000 shares during the period. Drive Wealth Management LLC’s holdings in PureCycle Technologies were worth $337,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PCT. JT Stratford LLC lifted its holdings in shares of 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 acquiring an additional 15,708 shares during the period. Lazard Asset Management LLC bought a new position in PureCycle Technologies during the first quarter worth about $255,000. Price T Rowe Associates Inc. MD boosted its holdings in PureCycle Technologies by 5.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 86,154 shares of the company’s stock valued at $536,000 after purchasing an additional 4,258 shares in the last quarter. Bayesian Capital Management LP bought a new stake in shares of PureCycle Technologies in the 1st quarter valued at approximately $98,000. Finally, Tidal Investments LLC acquired a new position in shares of PureCycle Technologies in the 1st quarter worth approximately $70,000. Institutional investors own 63.01% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Stifel Nicolaus boosted their price target on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Craig Hallum boosted their target price on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research note on Friday, August 9th. TD Cowen upped their target price on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, Cantor Fitzgerald started coverage on shares of PureCycle Technologies in a report on Friday, October 18th. They set an “overweight” rating and a $14.00 price target for the company. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, PureCycle Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $9.60.

PureCycle Technologies Trading Up 5.1 %

PureCycle Technologies stock opened at $11.60 on Tuesday. PureCycle Technologies, Inc. has a 52 week low of $2.38 and a 52 week high of $15.58. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.67 and a quick ratio of 0.54. The business’s fifty day moving average is $10.51 and its two-hundred day moving average is $7.47.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was acquired at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the acquisition, the insider now directly owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This trade represents a 14.81 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.09% of the stock is owned by corporate insiders.

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.