Fortis Group Advisors LLC Acquires 19,666 Shares of PureCycle Technologies, Inc. (NASDAQ:PCT)

Fortis Group Advisors LLC raised its holdings in PureCycle Technologies, Inc. (NASDAQ:PCT) by 159.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 32,025 shares of the company’s stock after buying an additional 19,666 shares during the quarter. Fortis Group Advisors LLC’s holdings in PureCycle Technologies were worth $328,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in PCT. Creative Planning lifted its position in shares of PureCycle Technologies by 67.0% during the third quarter. Creative Planning now owns 40,126 shares of the company’s stock valued at $381,000 after purchasing an additional 16,092 shares in the last quarter. Park Edge Advisors LLC bought a new position in shares of PureCycle Technologies during the third quarter valued at about $100,000. Gladstone Institutional Advisory LLC lifted its position in shares of PureCycle Technologies by 1.4% during the third quarter. Gladstone Institutional Advisory LLC now owns 3,339,952 shares of the company’s stock valued at $31,730,000 after purchasing an additional 44,571 shares in the last quarter. Verus Capital Partners LLC lifted its position in shares of PureCycle Technologies by 465.8% during the third quarter. Verus Capital Partners LLC now owns 127,540 shares of the company’s stock valued at $1,212,000 after purchasing an additional 105,000 shares in the last quarter. Finally, Simplify Asset Management Inc. lifted its position in shares of PureCycle Technologies by 67.4% during the third quarter. Simplify Asset Management Inc. now owns 1,772,056 shares of the company’s stock valued at $16,835,000 after purchasing an additional 713,664 shares in the last quarter. 63.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on PCT shares. Stifel Nicolaus raised their price target on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. TD Cowen raised their price objective on shares of PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price objective on shares of PureCycle Technologies in a report on Tuesday, November 19th.

PureCycle Technologies Stock Performance

NASDAQ PCT opened at $10.90 on Wednesday. PureCycle Technologies, Inc. has a 52-week low of $4.50 and a 52-week high of $15.58. The company has a 50-day simple moving average of $9.98 and a 200 day simple moving average of $9.73. 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 $1.89 billion, a PE ratio of -7.27 and a beta of 1.58.

Insider Transactions at PureCycle Technologies

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

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.