PureCycle Technologies, Inc. (NASDAQ:PCT) is Appian Way Asset Management LP’s Largest Position

Appian Way Asset Management LP boosted its stake in PureCycle Technologies, Inc. (NASDAQ:PCT) by 12.9% during the third quarter, HoldingsChannel reports. The firm owned 5,674,168 shares of the company’s stock after buying an additional 650,426 shares during the period. PureCycle Technologies comprises about 12.1% of Appian Way Asset Management LP’s portfolio, making the stock its biggest holding. Appian Way Asset Management LP’s holdings in PureCycle Technologies were worth $53,905,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Park Edge Advisors LLC bought a new position in shares of PureCycle Technologies during the 3rd quarter valued at about $100,000. Tidal Investments LLC purchased a new stake in PureCycle Technologies in the first quarter worth approximately $70,000. Algert Global LLC bought a new position in PureCycle Technologies during the second quarter valued at approximately $69,000. Fortis Group Advisors LLC raised its stake in shares of PureCycle Technologies by 12.5% during the third quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock worth $117,000 after acquiring an additional 1,376 shares in the last quarter. Finally, Prospera Private Wealth LLC raised its stake in shares of PureCycle Technologies by 35.9% during the third quarter. Prospera Private Wealth LLC now owns 15,436 shares of the company’s stock worth $147,000 after acquiring an additional 4,080 shares in the last quarter. Institutional investors own 63.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Craig Hallum increased their target price 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. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price objective on shares of PureCycle Technologies in a research note on Tuesday, November 19th. TD Cowen lifted their price objective on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Finally, 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. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, PureCycle Technologies currently has an average rating of “Moderate Buy” and an average target price of $10.60.

PureCycle Technologies Trading Up 0.7 %

Shares of PCT opened at $13.30 on Friday. PureCycle Technologies, Inc. has a 1-year low of $2.38 and a 1-year high of $15.58. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36. The firm’s 50-day moving average price is $11.24 and its 200-day moving average price is $7.85. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of -8.86 and a beta of 1.56.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of PureCycle Technologies stock in a transaction that occurred on Friday, September 13th. The shares were bought at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the purchase, 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 11.44% of the stock is currently owned by company insiders.

PureCycle Technologies Company 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.