PureCycle Technologies, Inc. (NASDAQ:PCT) Stock Position Raised by Drive Wealth Management LLC

Drive Wealth Management LLC lifted its holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 767.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 308,027 shares of the company’s stock after purchasing an additional 272,527 shares during the quarter. PureCycle Technologies makes up 0.8% of Drive Wealth Management LLC’s portfolio, making the stock its 24th largest holding. Drive Wealth Management LLC’s holdings in PureCycle Technologies were worth $3,157,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of PCT. Sylebra Capital LLC boosted its stake in PureCycle Technologies by 14.6% during the 3rd quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock valued at $317,848,000 after purchasing an additional 4,264,393 shares during the period. Appian Way Asset Management LP boosted its stake in PureCycle Technologies by 12.9% during the 3rd quarter. Appian Way Asset Management LP now owns 5,674,168 shares of the company’s stock valued at $53,905,000 after purchasing an additional 650,426 shares during the period. Gladstone Institutional Advisory LLC boosted its stake in PureCycle Technologies by 1.4% during the 3rd 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 during the period. Geode Capital Management LLC boosted its stake in PureCycle Technologies by 3.0% during the 3rd quarter. Geode Capital Management LLC now owns 3,124,445 shares of the company’s stock valued at $29,688,000 after purchasing an additional 92,469 shares during the period. Finally, State Street Corp boosted its stake in PureCycle Technologies by 0.8% during the 3rd quarter. State Street Corp now owns 2,809,178 shares of the company’s stock valued at $26,687,000 after purchasing an additional 21,706 shares during the period. Institutional investors own 63.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Stifel Nicolaus boosted their target price on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Cantor Fitzgerald reissued an “overweight” rating and set a $14.00 target price on shares of PureCycle Technologies in a research note on Tuesday, November 19th. Finally, TD Cowen upped their price target on shares of PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th.

PureCycle Technologies Price Performance

Shares of NASDAQ:PCT opened at $9.77 on Monday. The company has a 50 day moving average of $11.21 and a 200-day moving average of $9.44. PureCycle Technologies, Inc. has a twelve month low of $3.13 and a twelve month high of $15.58. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36.

PureCycle Technologies 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.