Drive Wealth Management LLC Takes Position in PureCycle Technologies, Inc. (NYSE:PCT)

Drive Wealth Management LLC purchased a new stake in shares of PureCycle Technologies, Inc. (NYSE:PCT) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 12,500 shares of the company’s stock, valued at approximately $78,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sylebra Capital LLC bought a new stake in shares of PureCycle Technologies during the third quarter valued at approximately $163,774,000. HighTower Advisors LLC raised its stake in shares of PureCycle Technologies by 158.0% during the third quarter. HighTower Advisors LLC now owns 205,418 shares of the company’s stock valued at $1,158,000 after acquiring an additional 125,801 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of PureCycle Technologies by 63.4% during the third quarter. Van ECK Associates Corp now owns 465,106 shares of the company’s stock valued at $2,609,000 after acquiring an additional 180,525 shares in the last quarter. SWS Partners raised its stake in shares of PureCycle Technologies by 21.2% during the third quarter. SWS Partners now owns 622,905 shares of the company’s stock valued at $3,494,000 after acquiring an additional 108,837 shares in the last quarter. Finally, Aigen Investment Management LP bought a new stake in shares of PureCycle Technologies during the third quarter valued at approximately $85,000. Institutional investors own 63.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Craig Hallum downgraded shares of PureCycle Technologies from a “buy” rating to a “hold” rating and set a $4.00 price objective for the company. in a research note on Wednesday, January 3rd. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $7.75.

PureCycle Technologies Stock Down 1.4 %

NYSE:PCT traded down $0.07 during trading hours on Friday, reaching $4.98. The company’s stock had a trading volume of 1,360,436 shares, compared to its average volume of 1,419,837. The company has a market capitalization of $818.91 million, a P/E ratio of -7.55 and a beta of 1.51. PureCycle Technologies, Inc. has a 12 month low of $2.38 and a 12 month high of $11.89. The company has a debt-to-equity ratio of 1.21, a quick ratio of 2.92 and a current ratio of 2.92. The stock has a 50 day moving average price of $5.58 and a two-hundred day moving average price of $4.60.

PureCycle Technologies (NYSE:PCT) last issued its quarterly earnings data on Tuesday, March 5th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.08. Equities analysts predict that PureCycle Technologies, Inc. will post -0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Fernando Musa purchased 18,303 shares of the business’s stock in a transaction on Friday, March 8th. The shares were acquired at an average cost of $5.46 per share, with a total value of $99,934.38. Following the completion of the acquisition, the director now owns 68,413 shares of the company’s stock, valued at $373,534.98. The transaction 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.

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.