Chesapeake Capital Corp IL Makes New $293,000 Investment in PureCycle Technologies, Inc. (NASDAQ:PCT)

Chesapeake Capital Corp IL bought a new position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) in the 3rd quarter, HoldingsChannel.com reports. The fund bought 30,483 shares of the company’s stock, valued at approximately $293,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Algert Global LLC acquired a new stake in shares of PureCycle Technologies in the second quarter valued at $69,000. Tidal Investments LLC acquired a new stake in shares of PureCycle Technologies in the first quarter valued at $70,000. Bayesian Capital Management LP purchased a new stake in PureCycle Technologies during the 1st quarter worth about $98,000. Park Edge Advisors LLC purchased a new stake in PureCycle Technologies during the 3rd quarter worth about $100,000. Finally, Hsbc Holdings PLC lifted its holdings in PureCycle Technologies by 11.4% during the 2nd quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock worth $111,000 after buying an additional 1,910 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Stock Down 0.9 %

PCT opened at $11.04 on Monday. The business has a 50 day moving average price of $10.38 and a two-hundred day moving average price of $7.42. The company has a quick ratio of 0.54, a current ratio of 0.67 and a debt-to-equity ratio of 1.06. The company has a market cap of $1.82 billion, a PE ratio of -7.36 and a beta of 1.56. PureCycle Technologies, Inc. has a 52 week low of $2.38 and a 52 week high of $15.58.

Insider Buying and Selling at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the company’s stock in a transaction on Friday, September 13th. The shares were bought at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the transaction, the insider now owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. This trade represents a 14.81 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 11.44% of the stock is owned by company insiders.

Analysts Set New Price Targets

PCT has been the subject of a number of recent analyst reports. TD Cowen lifted their price target on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Cantor Fitzgerald began coverage on PureCycle Technologies in a report on Friday, October 18th. They issued an “overweight” rating and a $14.00 target price for the company. Stifel Nicolaus boosted their target price on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Finally, Craig Hallum boosted their target price on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 9th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, PureCycle Technologies has an average rating of “Moderate Buy” and an average target price of $9.60.

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.