The Manufacturers Life Insurance Company Raises Holdings in PureCycle Technologies, Inc. (NYSE:PCT)

The Manufacturers Life Insurance Company boosted its stake in shares of PureCycle Technologies, Inc. (NYSE:PCT) by 7.6% in the second quarter, Holdings Channel reports. The institutional investor owned 48,359 shares of the company’s stock after acquiring an additional 3,405 shares during the period. The Manufacturers Life Insurance Company’s holdings in PureCycle Technologies were worth $286,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fortis Group Advisors LLC bought a new position in shares of PureCycle Technologies in the 1st quarter worth $67,000. Tidal Investments LLC bought a new position in PureCycle Technologies in the first quarter worth about $70,000. Bayesian Capital Management LP purchased a new stake in shares of PureCycle Technologies during the first quarter valued at about $98,000. Prospera Private Wealth LLC bought a new stake in shares of PureCycle Technologies in the 1st quarter valued at about $104,000. Finally, Custos Family Office LLC purchased a new position in shares of PureCycle Technologies in the 1st quarter worth approximately $109,000. Institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Stock Down 3.0 %

PCT stock opened at $9.98 on Friday. The stock has a market capitalization of $1.65 billion, a PE ratio of -10.40 and a beta of 1.63. PureCycle Technologies, Inc. has a 52 week low of $2.38 and a 52 week high of $10.68. 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 firm has a 50 day moving average of $7.55 and a 200 day moving average of $6.36.

PureCycle Technologies (NYSE:PCT) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.13). Sell-side analysts forecast that PureCycle Technologies, Inc. will post -0.85 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the company’s stock in a transaction on Friday, September 13th. The shares were acquired at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the purchase, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.09% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Stifel Nicolaus increased their target price on shares of PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Monday, August 12th. TD Cowen increased their price objective on PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, Craig Hallum boosted their target price on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $6.75.

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.