Scopus Asset Management L.P. purchased a new position in PureCycle Technologies, Inc. (NYSE:PCT) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 110,161 shares of the company’s stock, valued at approximately $2,809,000. Scopus Asset Management L.P. owned 0.09% of PureCycle Technologies at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. James Investment Research Inc. purchased a new position in PureCycle Technologies during the 1st quarter valued at about $80,000. Penserra Capital Management LLC purchased a new position in PureCycle Technologies during the 1st quarter valued at about $100,000. International Assets Investment Management LLC purchased a new position in PureCycle Technologies during the 1st quarter valued at about $133,000. Cubist Systematic Strategies LLC purchased a new position in PureCycle Technologies during the 1st quarter valued at about $148,000. Finally, Focused Wealth Management Inc purchased a new position in PureCycle Technologies during the 1st quarter valued at about $172,000. 26.56% of the stock is currently owned by institutional investors.
Shares of PureCycle Technologies stock traded down $0.74 on Thursday, reaching $16.00. The stock had a trading volume of 11,316 shares, compared to its average volume of 1,171,620. The firm’s 50 day moving average price is $19.17. The company has a quick ratio of 8.47, a current ratio of 8.47 and a debt-to-equity ratio of 0.85. PureCycle Technologies, Inc. has a 1 year low of $9.76 and a 1 year high of $35.75.
PCT has been the topic of a number of research reports. Roth Capital initiated coverage on shares of PureCycle Technologies in a research report on Wednesday, April 21st. They set a “buy” rating and a $45.00 target price on the stock. Alembic Global Advisors initiated coverage on shares of PureCycle Technologies in a research report on Monday, June 7th. They set an “overweight” rating and a $30.00 target price on the stock. Oppenheimer lifted their price objective on shares of PureCycle Technologies from $24.00 to $28.00 and gave the stock an “outperform” rating in a research report on Thursday, June 24th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded shares of PureCycle Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, June 30th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. PureCycle Technologies presently has an average rating of “Buy” and an average price target of $34.33.
In other PureCycle Technologies news, insider Melissa Westerman acquired 11,400 shares of the firm’s stock in a transaction on Monday, May 24th. The stock was acquired at an average cost of $17.47 per share, for a total transaction of $199,158.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Michael E. Dee bought 2,936 shares of the business’s stock in a transaction dated Thursday, May 27th. The shares were purchased at an average cost of $17.03 per share, with a total value of $50,000.08. Following the completion of the acquisition, the chief financial officer now owns 2,936 shares in the company, valued at $50,000.08. The disclosure for this purchase can be found here.
PureCycle Technologies Company Profile
PureCycle Technologies LLC produces recycled polypropylene. It uses a recycling process that separates color, odor, and contaminants from plastic waste feedstock into recycled polypropylene. Its recycling service converts waste plastic into virgin-like plastic. The company was founded in 2015 and is based in Orlando, Florida.
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