Stratos Wealth Partners LTD. Raises Stock Holdings in PureCycle Technologies, Inc. (NASDAQ:PCT)

Stratos Wealth Partners LTD. lifted its holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 8.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 31,085 shares of the company’s stock after acquiring an additional 2,400 shares during the period. Stratos Wealth Partners LTD.’s holdings in PureCycle Technologies were worth $319,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Park Edge Advisors LLC purchased a new stake in PureCycle Technologies in the third quarter worth $100,000. Fortis Group Advisors LLC increased its position in PureCycle Technologies by 12.5% in the third quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock worth $117,000 after buying an additional 1,376 shares during the last quarter. Keudell Morrison Wealth Management purchased a new position in shares of PureCycle Technologies in the fourth quarter valued at $117,000. Prospera Private Wealth LLC grew its position in shares of PureCycle Technologies by 35.9% in the third quarter. Prospera Private Wealth LLC now owns 15,436 shares of the company’s stock valued at $147,000 after purchasing an additional 4,080 shares in the last quarter. Finally, Bar Harbor Wealth Management purchased a new position in shares of PureCycle Technologies in the fourth quarter valued at $154,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the company’s stock in a transaction on Thursday, February 6th. The stock was purchased at an average price of $8.06 per share, with a total value of $4,996,595.50. Following the completion of the purchase, the insider now directly owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 11.44% of the company’s stock.

PureCycle Technologies Price Performance

PureCycle Technologies stock opened at $8.81 on Thursday. PureCycle Technologies, Inc. has a 52 week low of $4.25 and a 52 week high of $15.58. The business has a 50-day simple moving average of $10.23 and a 200 day simple moving average of $9.65. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of -5.87 and a beta of 1.58.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PCT shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 price target on shares of PureCycle Technologies in a research report on Tuesday, November 19th. Stifel Nicolaus lifted their price target on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Finally, TD Cowen boosted their target price on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th.

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.