PureCycle Technologies (NYSE:PCT) Sees Unusually-High Trading Volume on Insider Buying Activity

PureCycle Technologies, Inc. (NYSE:PCT) shares saw unusually-high trading volume on Tuesday after an insider bought additional shares in the company. Approximately 2,004,481 shares were traded during trading, a decline of 7% from the previous session’s volume of 2,160,252 shares.The stock last traded at $3.82 and had previously closed at $3.06.

Specifically, CEO Dustin Olson acquired 68,190 shares of PureCycle Technologies stock in a transaction dated Friday, November 10th. The stock was bought at an average cost of $3.22 per share, with a total value of $219,571.80. Following the completion of the transaction, the chief executive officer now owns 787,109 shares of the company’s stock, valued at $2,534,490.98. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Dustin Olson purchased 68,190 shares of the firm’s stock in a transaction on Friday, November 10th. The shares were bought at an average cost of $3.22 per share, for a total transaction of $219,571.80. Following the transaction, the chief executive officer now directly owns 787,109 shares of the company’s stock, valued at approximately $2,534,490.98. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Daniel M. Coombs acquired 30,000 shares of the business’s stock in a transaction dated Tuesday, November 14th. The shares were bought at an average cost of $3.95 per share, with a total value of $118,500.00. Following the transaction, the chairman now directly owns 96,695 shares of the company’s stock, valued at approximately $381,945.25. The disclosure for this purchase can be found here. Insiders have acquired a total of 103,190 shares of company stock valued at $354,222 in the last three months. Company insiders own 11.44% of the company’s stock.

Wall Street Analyst Weigh In

PCT has been the topic of several recent research reports. Stifel Nicolaus decreased their price objective on PureCycle Technologies from $15.00 to $6.00 and set a “buy” rating on the stock in a report on Friday, November 10th. Oppenheimer cut PureCycle Technologies from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 9th. Finally, Roth Mkm reissued a “buy” rating and issued a $12.50 price target on shares of PureCycle Technologies in a report on Thursday, September 14th.

PureCycle Technologies Trading Up 27.1 %

The company has a debt-to-equity ratio of 1.15, a current ratio of 4.95 and a quick ratio of 4.95. The business’s 50 day simple moving average is $5.38 and its 200 day simple moving average is $7.80. The stock has a market cap of $637.92 million, a P/E ratio of -6.95 and a beta of 1.53.

Hedge Funds Weigh In On PureCycle Technologies

A number of hedge funds have recently modified their holdings of the stock. Moneta Group Investment Advisors LLC grew its position in PureCycle Technologies by 113,962.7% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 45,370,710 shares of the company’s stock valued at $306,706,000 after acquiring an additional 45,330,933 shares during the period. BlackRock Inc. boosted its stake in shares of PureCycle Technologies by 11.2% in the 2nd quarter. BlackRock Inc. now owns 8,067,267 shares of the company’s stock valued at $86,239,000 after purchasing an additional 814,248 shares in the last quarter. Abundance Wealth Counselors grew its holdings in shares of PureCycle Technologies by 34.6% in the 1st quarter. Abundance Wealth Counselors now owns 7,742,629 shares of the company’s stock worth $54,198,000 after purchasing an additional 1,990,966 shares during the last quarter. Balyasny Asset Management L.P. increased its position in shares of PureCycle Technologies by 57.3% during the 1st quarter. Balyasny Asset Management L.P. now owns 2,873,531 shares of the company’s stock worth $20,115,000 after purchasing an additional 1,047,268 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in PureCycle Technologies by 8.5% during the 2nd quarter. Geode Capital Management LLC now owns 2,578,271 shares of the company’s stock valued at $27,562,000 after purchasing an additional 202,037 shares during the last quarter. 62.23% of the stock is owned by institutional investors and hedge funds.

About PureCycle Technologies

PureCycle Technologies, Inc produces recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled resin. Its recycling process separates color, odor, and other contaminants from plastic waste feedstock to transform it into virgin-like resin. PureCycle Technologies, Inc was founded in 2015 and is headquartered in Orlando, Florida.