Wealth Enhancement Advisory Services LLC Cuts Position in PureCycle Technologies, Inc. (NASDAQ:PCT)

Wealth Enhancement Advisory Services LLC reduced its stake in PureCycle Technologies, Inc. (NASDAQ:PCT) by 5.5% during the third quarter, according to its most recent filing with the SEC. The fund owned 35,468 shares of the company’s stock after selling 2,053 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in PureCycle Technologies were worth $337,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in PCT. Longview Asset Management LLC bought a new position in shares of PureCycle Technologies during the 2nd quarter worth $57,521,000. Abundance Wealth Counselors boosted its position in PureCycle Technologies by 6.0% during the second quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock worth $42,562,000 after purchasing an additional 407,353 shares during the period. Long Focus Capital Management LLC increased its stake in shares of PureCycle Technologies by 3.2% in the second quarter. Long Focus Capital Management LLC now owns 2,403,781 shares of the company’s stock worth $14,230,000 after purchasing an additional 75,000 shares in the last quarter. SWS Partners raised its position in shares of PureCycle Technologies by 3.3% in the second quarter. SWS Partners now owns 895,545 shares of the company’s stock valued at $5,302,000 after purchasing an additional 28,397 shares during the period. Finally, Van ECK Associates Corp purchased a new stake in shares of PureCycle Technologies during the 2nd quarter valued at approximately $3,121,000. Institutional investors own 63.01% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the business’s stock in a transaction on Friday, September 13th. The stock was acquired at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the purchase, the insider now directly owns 33,050,456 shares in the company, valued at $155,006,638.64. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 11.44% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Craig Hallum lifted their target price on PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 9th. Stifel Nicolaus lifted their price objective on PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Monday, August 12th. TD Cowen upped their target price on PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Cantor Fitzgerald started coverage on PureCycle Technologies in a research report on Friday, October 18th. They set an “overweight” rating and a $14.00 price target for the company. 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.com, PureCycle Technologies has an average rating of “Moderate Buy” and an average price target of $8.20.

PureCycle Technologies Stock Down 4.0 %

PCT opened at $11.96 on Monday. The business’s fifty day simple moving average is $9.74 and its 200 day simple moving average is $7.18. PureCycle Technologies, Inc. has a 52 week low of $2.38 and a 52 week 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 stock has a market cap of $1.97 billion, a PE ratio of -12.46 and a beta of 1.56.

PureCycle Technologies (NASDAQ:PCT) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). As a group, research analysts expect that PureCycle Technologies, Inc. will post -1.06 earnings per share for the current fiscal year.

PureCycle Technologies 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.