Simplify Asset Management Inc. Raises Position in PureCycle Technologies, Inc. (NASDAQ:PCT)

Simplify Asset Management Inc. lifted its stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 67.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,772,056 shares of the company’s stock after acquiring an additional 713,664 shares during the quarter. PureCycle Technologies accounts for about 0.8% of Simplify Asset Management Inc.’s portfolio, making the stock its 16th largest position. Simplify Asset Management Inc.’s holdings in PureCycle Technologies were worth $16,835,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of PCT. Verus Capital Partners LLC increased its position in shares of PureCycle Technologies by 465.8% in the 3rd quarter. Verus Capital Partners LLC now owns 127,540 shares of the company’s stock valued at $1,212,000 after purchasing an additional 105,000 shares during the last quarter. Ensign Peak Advisors Inc acquired a new position in shares of PureCycle Technologies during the second quarter worth $311,000. Abundance Wealth Counselors increased its holdings in PureCycle Technologies by 6.0% in the second quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock valued at $42,562,000 after buying an additional 407,353 shares during the last quarter. Longview Asset Management LLC acquired a new stake in PureCycle Technologies in the second quarter valued at $57,521,000. Finally, Sanctuary Advisors LLC purchased a new stake in PureCycle Technologies during the 2nd quarter worth about $689,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the stock in a transaction dated Friday, September 13th. The shares were acquired at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the acquisition, the insider now directly owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. The trade was a 14.81 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 11.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. TD Cowen increased their price objective on PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a report on Friday, August 9th. Craig Hallum increased their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Cantor Fitzgerald initiated coverage on shares of PureCycle Technologies in a research report on Friday, October 18th. They issued an “overweight” rating and a $14.00 target price on the stock. Finally, Stifel Nicolaus boosted their price target on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $9.60.

PureCycle Technologies Stock Performance

NASDAQ:PCT traded down $0.09 during trading hours on Friday, reaching $11.05. 654,477 shares of the company’s stock were exchanged, compared to its average volume of 2,383,513. PureCycle Technologies, Inc. has a 1-year low of $2.38 and a 1-year high of $15.58. 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 firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of -11.60 and a beta of 1.56. The company has a 50-day moving average of $10.25 and a 200 day moving average of $7.34.

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.