Drive Wealth Management LLC Has $337,000 Stock Position in PureCycle Technologies, Inc. (NASDAQ:PCT)

Drive Wealth Management LLC boosted its position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 184.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 35,500 shares of the company’s stock after buying an additional 23,000 shares during the quarter. Drive Wealth Management LLC’s holdings in PureCycle Technologies were worth $337,000 at the end of the most recent quarter.

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

Insider Activity at PureCycle Technologies

In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. This represents a 14.81 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.09% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on PCT shares. Craig Hallum boosted their price objective on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 9th. Cantor Fitzgerald started coverage on shares of PureCycle Technologies in a report on Friday, October 18th. They issued an “overweight” rating and a $14.00 price target for the company. Stifel Nicolaus raised their price objective on PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Finally, TD Cowen lifted their target price on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Three investment 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 a consensus price target of $9.60.

PureCycle Technologies Trading Up 5.1 %

PureCycle Technologies stock opened at $11.60 on Tuesday. The company has a 50 day moving average of $10.51 and a 200-day moving average of $7.47. The company has a current ratio of 0.67, a quick ratio of 0.54 and a debt-to-equity ratio of 1.06. PureCycle Technologies, Inc. has a twelve month low of $2.38 and a twelve month high of $15.58.

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.