12,500 Shares in PureCycle Technologies, Inc. (NYSE:PCT) Acquired by Drive Wealth Management LLC

Drive Wealth Management LLC acquired a new position in shares of PureCycle Technologies, Inc. (NYSE:PCT) in the first quarter, Holdings Channel.com reports. The institutional investor acquired 12,500 shares of the company’s stock, valued at approximately $78,000.

A number of other hedge funds have also recently made changes to their positions in PCT. Vontobel Holding Ltd. boosted its position in shares of PureCycle Technologies by 56.7% during the 3rd quarter. Vontobel Holding Ltd. now owns 37,666 shares of the company’s stock worth $211,000 after purchasing an additional 13,633 shares during the period. Commonwealth Equity Services LLC acquired a new stake in PureCycle Technologies during the 3rd quarter worth approximately $75,000. Cambridge Investment Research Advisors Inc. lifted its holdings in PureCycle Technologies by 9.5% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 147,612 shares of the company’s stock worth $828,000 after buying an additional 12,817 shares in the last quarter. Raymond James & Associates lifted its holdings in PureCycle Technologies by 12.2% during the 3rd quarter. Raymond James & Associates now owns 41,360 shares of the company’s stock worth $232,000 after buying an additional 4,500 shares in the last quarter. Finally, Stratos Wealth Partners LTD. lifted its holdings in PureCycle Technologies by 104.0% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 38,065 shares of the company’s stock worth $214,000 after buying an additional 19,410 shares in the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Insider Activity

In other news, Director Fernando Musa acquired 18,303 shares of PureCycle Technologies stock in a transaction dated Friday, March 8th. The shares were acquired at an average cost of $5.46 per share, for a total transaction of $99,934.38. Following the acquisition, the director now owns 68,413 shares of the company’s stock, valued at $373,534.98. The acquisition 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 Stock Down 1.4 %

PureCycle Technologies stock traded down $0.07 during mid-day trading on Friday, reaching $4.98. 1,360,436 shares of the company’s stock were exchanged, compared to its average volume of 1,419,837. The company has a market cap of $818.91 million, a P/E ratio of -7.55 and a beta of 1.51. PureCycle Technologies, Inc. has a twelve month low of $2.38 and a twelve month high of $11.89. The company has a quick ratio of 2.92, a current ratio of 2.92 and a debt-to-equity ratio of 1.21. The company has a fifty day moving average of $5.58 and a 200-day moving average of $4.60.

PureCycle Technologies (NYSE:PCT) last announced its quarterly earnings data on Tuesday, March 5th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.08. Sell-side analysts expect that PureCycle Technologies, Inc. will post -0.53 EPS for the current year.

Analysts Set New Price Targets

Separately, Craig Hallum lowered shares of PureCycle Technologies from a “buy” rating to a “hold” rating and set a $4.00 target price on the stock. in a report on Wednesday, January 3rd. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $7.75.

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.