13,400 Shares in PureCycle Technologies, Inc. (NASDAQ:PCT) Acquired by Miller Financial Services LLC

Miller Financial Services LLC acquired a new stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 13,400 shares of the company’s stock, valued at approximately $137,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Jones Financial Companies Lllp increased its position in PureCycle Technologies by 286.0% during the 4th quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company’s stock worth $32,000 after purchasing an additional 2,291 shares in the last quarter. US Bancorp DE increased its position in shares of PureCycle Technologies by 141.5% in the fourth quarter. US Bancorp DE now owns 3,446 shares of the company’s stock worth $35,000 after acquiring an additional 2,019 shares in the last quarter. Keudell Morrison Wealth Management purchased a new position in shares of PureCycle Technologies in the 4th quarter valued at $117,000. Proficio Capital Partners LLC acquired a new position in shares of PureCycle Technologies during the 4th quarter valued at $127,000. Finally, Truist Financial Corp purchased a new stake in PureCycle Technologies during the 4th quarter worth $145,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on PCT. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price objective on shares of PureCycle Technologies in a research note on Tuesday, November 19th. TD Cowen upped their price target on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Finally, Stifel Nicolaus lifted 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.

Insider Activity

In other news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the stock in a transaction dated Thursday, February 6th. The stock was acquired at an average cost of $8.06 per share, for a total transaction of $4,996,595.50. Following the acquisition, the insider now owns 34,077,574 shares of the company’s stock, valued at $274,665,246.44. The trade was a 1.85 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 11.44% of the company’s stock.

PureCycle Technologies Trading Up 2.1 %

Shares of PCT opened at $7.41 on Wednesday. PureCycle Technologies, Inc. has a one year low of $4.50 and a one year high of $15.58. The stock has a 50-day moving average price of $9.45 and a 200 day moving average price of $10.08. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74. The company has a market capitalization of $1.33 billion, a P/E ratio of -4.94 and a beta of 1.55.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.32). Sell-side analysts forecast that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal year.

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.