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

Verus Capital Partners LLC lifted its holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 465.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 127,540 shares of the company’s stock after buying an additional 105,000 shares during the quarter. Verus Capital Partners LLC owned about 0.08% of PureCycle Technologies worth $1,212,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Algert Global LLC purchased a new stake in shares of PureCycle Technologies in the second quarter worth about $69,000. Tidal Investments LLC purchased a new stake in PureCycle Technologies in the 1st quarter worth approximately $70,000. Bayesian Capital Management LP purchased a new position in shares of PureCycle Technologies during the 1st quarter valued at $98,000. Park Edge Advisors LLC bought a new position in shares of PureCycle Technologies in the third quarter worth $100,000. Finally, Hsbc Holdings PLC raised its position in shares of PureCycle Technologies by 11.4% in the second quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock worth $111,000 after buying an additional 1,910 shares in the last quarter. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on PCT shares. TD Cowen boosted their target price on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Cantor Fitzgerald began coverage on shares of PureCycle Technologies in a research note on Friday, October 18th. They issued an “overweight” rating and a $14.00 target price on the stock. Stifel Nicolaus boosted their price target on shares of PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, Craig Hallum raised their price objective on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $8.20.

PureCycle Technologies Stock Up 7.9 %

Shares of PCT opened at $12.91 on Tuesday. The firm has a market cap of $2.13 billion, a P/E ratio of -13.44 and a beta of 1.56. PureCycle Technologies, Inc. has a 1 year low of $2.38 and a 1 year high of $15.58. The stock has a 50 day simple moving average of $9.88 and a two-hundred day simple moving average of $7.23. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.67 and a quick ratio of 0.54.

Insider Activity

In related news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the firm’s stock in a transaction dated 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 completion of the acquisition, the insider now owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 11.44% of the stock is owned by corporate insiders.

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.