PureCycle Technologies, Inc. (NASDAQ:PCT) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 15.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 771,765 shares of the company’s stock after selling 139,478 shares during the quarter. PNC Financial Services Group Inc. owned about 0.47% of PureCycle Technologies worth $7,332,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Lazard Asset Management LLC acquired a new stake in shares of PureCycle Technologies in the 1st quarter worth approximately $255,000. Price T Rowe Associates Inc. MD increased its position in shares of PureCycle Technologies by 5.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 86,154 shares of the company’s stock valued at $536,000 after buying an additional 4,258 shares in the last quarter. Bayesian Capital Management LP acquired a new position in shares of PureCycle Technologies during the 1st quarter worth $98,000. Tidal Investments LLC purchased a new stake in shares of PureCycle Technologies in the 1st quarter worth about $70,000. Finally, Sanders Morris Harris LLC grew its stake in PureCycle Technologies by 11.1% in the 2nd quarter. Sanders Morris Harris LLC now owns 169,673 shares of the company’s stock valued at $1,004,000 after acquiring an additional 16,978 shares during the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Stock Up 2.1 %

Shares of PCT opened at $11.93 on Friday. The firm has a market cap of $2.07 billion, a PE ratio of -7.95 and a beta of 1.56. The company has a quick ratio of 0.54, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. The company’s fifty day moving average is $10.89 and its two-hundred day moving average is $7.64. PureCycle Technologies, Inc. has a fifty-two week low of $2.38 and a fifty-two week high of $15.58.

Insider Transactions at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the business’s stock in a transaction on Friday, September 13th. The shares were purchased at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the acquisition, the insider now directly owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. This represents a 14.81 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 11.44% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Craig Hallum upped their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 9th. Stifel Nicolaus increased their target price on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. TD Cowen raised their price target on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price objective on shares of PureCycle Technologies in a research report on Tuesday, November 19th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $10.60.

About PureCycle Technologies

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.