Appian Way Asset Management LP Has $53.91 Million Stake in PureCycle Technologies, Inc. (NASDAQ:PCT)

Appian Way Asset Management LP increased its stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 12.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,674,168 shares of the company’s stock after purchasing an additional 650,426 shares during the quarter. PureCycle Technologies makes up about 12.1% of Appian Way Asset Management LP’s portfolio, making the stock its largest holding. Appian Way Asset Management LP owned about 3.44% of PureCycle Technologies worth $53,905,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Park Edge Advisors LLC bought a new position in shares of PureCycle Technologies during the third quarter valued at $100,000. Tidal Investments LLC acquired a new position in PureCycle Technologies in the first quarter valued at $70,000. Algert Global LLC acquired a new stake in PureCycle Technologies during the 2nd quarter worth about $69,000. Fortis Group Advisors LLC grew its holdings in PureCycle Technologies by 12.5% during the 3rd 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 during the period. Finally, Prospera Private Wealth LLC raised its position in shares of PureCycle Technologies by 35.9% in the 3rd 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.

Analyst Upgrades and Downgrades

A number of research firms have commented on PCT. Craig Hallum raised their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a report on Friday, August 9th. TD Cowen increased their price target on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Stifel Nicolaus boosted their price objective on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 target price on shares of PureCycle Technologies in a report on Tuesday, November 19th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $10.60.

PureCycle Technologies Trading Up 0.7 %

NASDAQ:PCT opened at $13.30 on Friday. PureCycle Technologies, Inc. has a 52 week low of $2.38 and a 52 week high of $15.58. The firm has a 50-day moving average price of $11.24 and a two-hundred day moving average price of $7.85. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74. The firm has a market cap 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 the stock in a transaction dated Friday, September 13th. The shares were purchased at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the acquisition, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. This represents a 14.81 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 11.44% of the company’s stock.

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.