PureCycle Technologies, Inc. (NASDAQ:PCT) Shares Bought by Gladstone Institutional Advisory LLC

Gladstone Institutional Advisory LLC lifted its holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 3.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,462,652 shares of the company’s stock after buying an additional 122,700 shares during the period. PureCycle Technologies comprises 1.6% of Gladstone Institutional Advisory LLC’s investment portfolio, making the stock its 11th biggest holding. Gladstone Institutional Advisory LLC’s holdings in PureCycle Technologies were worth $35,492,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Sylebra Capital LLC boosted its holdings in PureCycle Technologies by 14.6% during the third quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock worth $317,848,000 after buying an additional 4,264,393 shares in the last quarter. Harvard Management Co. Inc. lifted its position in shares of PureCycle Technologies by 249.7% during the 3rd quarter. Harvard Management Co. Inc. now owns 2,498,170 shares of the company’s stock valued at $23,733,000 after acquiring an additional 1,783,885 shares during the period. Simplify Asset Management Inc. boosted its stake in shares of PureCycle Technologies by 67.4% during the 3rd quarter. Simplify Asset Management Inc. now owns 1,772,056 shares of the company’s stock worth $16,835,000 after acquiring an additional 713,664 shares in the last quarter. Appian Way Asset Management LP grew its holdings in shares of PureCycle Technologies by 12.9% in the 3rd quarter. Appian Way Asset Management LP now owns 5,674,168 shares of the company’s stock worth $53,905,000 after acquiring an additional 650,426 shares during the period. Finally, Drive Wealth Management LLC grew its holdings in shares of PureCycle Technologies by 767.7% in the 4th quarter. Drive Wealth Management LLC now owns 308,027 shares of the company’s stock worth $3,157,000 after acquiring an additional 272,527 shares during the period. 63.01% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc bought 619,925 shares of the stock in a transaction dated Thursday, February 6th. The stock was bought at an average cost of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the purchase, the insider now directly owns 34,077,574 shares of the company’s stock, valued at approximately $274,665,246.44. The trade was a 1.85 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 11.44% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PCT. 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. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price target on shares of PureCycle Technologies in a research note on Tuesday, November 19th. Finally, Stifel Nicolaus increased their price objective on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th.

PureCycle Technologies Stock Performance

NASDAQ:PCT opened at $8.76 on Wednesday. The firm’s fifty day simple moving average is $10.32 and its 200 day simple moving average is $9.66. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74. PureCycle Technologies, Inc. has a twelve month low of $4.25 and a twelve month high of $15.58.

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.