Platform Technology Partners Sells 5,136 Shares of PureCycle Technologies, Inc. (NASDAQ:PCT)

Platform Technology Partners lowered its stake in PureCycle Technologies, Inc. (NASDAQ:PCT) by 4.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 107,279 shares of the company’s stock after selling 5,136 shares during the quarter. Platform Technology Partners owned about 0.07% of PureCycle Technologies worth $1,019,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Park Edge Advisors LLC acquired a new position in shares of PureCycle Technologies during the third quarter worth about $100,000. Tidal Investments LLC acquired a new position in PureCycle Technologies during the 1st quarter worth approximately $70,000. Algert Global LLC bought a new position in shares of PureCycle Technologies during the 2nd quarter worth approximately $69,000. Fortis Group Advisors LLC raised its holdings in shares of PureCycle Technologies by 12.5% in the third quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock valued at $117,000 after purchasing an additional 1,376 shares during the last quarter. Finally, Bayesian Capital Management LP bought a new stake in shares of PureCycle Technologies in the first quarter worth $98,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Trading Up 7.9 %

Shares of NASDAQ:PCT opened at $12.91 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 quick ratio of 0.54 and a current ratio of 0.67. The company has a market capitalization of $2.13 billion, a P/E ratio of -13.44 and a beta of 1.56. The company has a 50-day simple moving average of $9.88 and a 200 day simple moving average of $7.23.

Insider Buying and Selling at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were acquired at an average price 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. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 11.44% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on PCT. Cantor Fitzgerald started coverage on shares of PureCycle Technologies in a research report on Friday, October 18th. They issued an “overweight” rating and a $14.00 target price for the company. Stifel Nicolaus lifted their target price on PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Craig Hallum increased their price target on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, TD Cowen boosted their price target on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $8.20.

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.