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

Wealth Enhancement Advisory Services LLC lessened its holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 5.5% in the third quarter, Holdings Channel.com reports. The fund owned 35,468 shares of the company’s stock after selling 2,053 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in PureCycle Technologies were worth $337,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ensign Peak Advisors Inc purchased a new position in shares of PureCycle Technologies during the 2nd quarter worth approximately $311,000. Abundance Wealth Counselors boosted its position in shares of PureCycle Technologies by 6.0% during the second quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock valued at $42,562,000 after purchasing an additional 407,353 shares in the last quarter. Longview Asset Management LLC purchased a new stake in PureCycle Technologies in the second quarter worth $57,521,000. Sanctuary Advisors LLC bought a new position in PureCycle Technologies in the second quarter worth $689,000. Finally, Marshall Wace LLP purchased a new position in PureCycle Technologies during the second quarter valued at $322,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. TD Cowen upped their target price on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Craig Hallum upped their price objective on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Cantor Fitzgerald began coverage on shares of PureCycle Technologies in a report on Friday, October 18th. They set an “overweight” rating and a $14.00 target price for the company. Finally, Stifel Nicolaus boosted their price target on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $8.20.

PureCycle Technologies Stock Performance

Shares of PCT stock opened at $11.96 on Monday. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of -12.46 and a beta of 1.56. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67. PureCycle Technologies, Inc. has a one year low of $2.38 and a one year high of $15.58. The company’s 50-day moving average is $9.74 and its 200 day moving average is $7.18.

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

Insider Buying and Selling

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the business’s stock in a transaction on Friday, September 13th. The shares were acquired at an average cost 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 approximately $155,006,638.64. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.44% of the stock is owned by company insiders.

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.