Verus Capital Partners LLC Boosts Position in PureCycle Technologies, Inc. (NASDAQ:PCT)

Verus Capital Partners LLC lifted its stake in PureCycle Technologies, Inc. (NASDAQ:PCT) by 465.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 127,540 shares of the company’s stock after buying an additional 105,000 shares during the quarter. Verus Capital Partners LLC’s holdings in PureCycle Technologies were worth $1,212,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of PCT. Algert Global LLC bought a new stake in PureCycle Technologies during the 2nd quarter valued at approximately $69,000. Tidal Investments LLC bought a new stake in shares of PureCycle Technologies during the first quarter valued at approximately $70,000. Bayesian Capital Management LP purchased a new stake in PureCycle Technologies in the first quarter worth $98,000. Park Edge Advisors LLC bought a new position in PureCycle Technologies in the third quarter worth $100,000. Finally, Hsbc Holdings PLC lifted its position in PureCycle Technologies by 11.4% during the second quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock valued at $111,000 after buying an additional 1,910 shares during the period. Institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Trading Up 7.9 %

Shares of NASDAQ PCT opened at $12.91 on Tuesday. The firm’s 50 day moving average price is $9.88 and its 200-day moving average price is $7.23. 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 quick ratio of 0.54 and a current ratio of 0.67. The company has a market cap of $2.13 billion, a PE ratio of -13.44 and a beta of 1.56.

Analyst Ratings Changes

PCT has been the topic of a number of recent research reports. 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 research report on Friday, August 9th. Stifel Nicolaus upped their price objective on shares of PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Cantor Fitzgerald began coverage on PureCycle Technologies in a research report on Friday, October 18th. They issued an “overweight” rating and a $14.00 price target on the stock. Finally, Craig Hallum raised their price objective on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $8.20.

Insider Buying and Selling

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the business’s stock in a transaction on Friday, September 13th. The shares were acquired at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the purchase, the insider now owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.44% of the stock is owned by company 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.