Tue Sep 17 07:20:57 UTC 2024: ## Bank of New York Mellon Boosts Stake in PureCycle Technologies
**New York, NY – September 17, 2024** – Bank of New York Mellon Corp (BNY Mellon) increased its holding in PureCycle Technologies, Inc. (PCT) by 15.8% in the second quarter, according to a recent Form 13F filing with the Securities and Exchange Commission. BNY Mellon now owns 448,088 shares of PCT, representing approximately 0.27% of the company and worth $2,653,000.
This move follows a trend of institutional investors showing interest in PureCycle Technologies. Victory Capital Management Inc., Swiss National Bank, and National Bank of Canada FI all increased their stakes in the company during the fourth quarter. Jump Financial LLC and Jade Capital Advisors LLC also acquired new positions in PCT during the same period.
Overall, institutional investors own 63.01% of PureCycle Technologies’ stock.
Shares of PCT opened at $8.90 on Tuesday, with a market cap of $1.47 billion. The company has a PE ratio of -8.73 and a beta of 1.60.
Several equity research analysts have recently issued reports on PureCycle Technologies. TD Cowen and Stifel Nicolaus both raised their price targets and maintained “buy” ratings on the stock. Craig Hallum also increased its price target but issued a “hold” rating. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $6.75.
In a separate transaction, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of PureCycle Technologies stock on September 13th, for a total transaction of $20,000,003.17. This brings Sylebra Capital Llc’s total ownership of PCT stock to 33,050,456 shares, valued at approximately $155,006,638.64.
PureCycle Technologies specializes in producing recycled polypropylene (PP) resin for various applications, including packaging, piping, and plastic parts.
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