Wealth Effects LLC Sells 28,000 Shares of PureCycle Technologies, Inc. (NASDAQ:PCT)

Wealth Effects LLC lessened its holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 30.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 65,200 shares of the company’s stock after selling 28,000 shares during the quarter. Wealth Effects LLC’s holdings in PureCycle Technologies were worth $668,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PCT. Algert Global LLC bought a new position in shares of PureCycle Technologies in the 2nd quarter valued at approximately $69,000. Park Edge Advisors LLC bought a new position in shares of PureCycle Technologies in the third quarter valued at approximately $100,000. Hsbc Holdings PLC lifted its stake in shares of PureCycle Technologies by 11.4% in the second quarter. Hsbc Holdings PLC now owns 18,619 shares of the company’s stock worth $111,000 after buying an additional 1,910 shares during the last quarter. Fortis Group Advisors LLC boosted its holdings in shares of PureCycle Technologies by 12.5% during the 3rd quarter. Fortis Group Advisors LLC now owns 12,359 shares of the company’s stock worth $117,000 after buying an additional 1,376 shares during the period. Finally, Prospera Private Wealth LLC grew its stake in PureCycle Technologies by 35.9% in the 3rd quarter. Prospera Private Wealth LLC now owns 15,436 shares of the company’s stock valued at $147,000 after buying an additional 4,080 shares during the last quarter. Institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Trading Down 2.9 %

Shares of NASDAQ:PCT opened at $9.49 on Tuesday. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63. PureCycle Technologies, Inc. has a 1-year low of $3.66 and a 1-year high of $15.58. The business’s 50 day moving average is $11.17 and its 200-day moving average is $9.47.

Wall Street Analyst Weigh In

PCT has been the subject of a number of research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $14.00 target price on shares of PureCycle Technologies in a research report on Tuesday, November 19th. Stifel Nicolaus raised their target price on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Finally, TD Cowen increased their price objective on PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th.

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.