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In a recent stock transaction, Sylebra Capital LLC, a significant stakeholder in PureCycle Technologies, Inc. (NASDAQ:PCT), acquired 619,925 shares of the company. The shares were purchased at a price of $8.06 each, totaling approximately $4.99 million. This acquisition increases Sylebra Capital’s holdings to 34,077,574 shares. The stock currently trades at $8.66, with PCT maintaining a market capitalization of $1.5 billion and showing significant price volatility over the past year.
The transaction, dated February 6, 2025, was disclosed in a filing with the Securities and Exchange Commission. Sylebra Capital, along with its affiliates, manages investments for various funds and advisory clients. Although Sylebra Capital and its affiliates have a significant stake in PureCycle, they have disclaimed beneficial ownership of these securities beyond their pecuniary interest. Analysts maintain a bullish stance on PCT, with a consensus recommendation of 1.8 (Strong Buy), despite the company’s current financial health score indicating fair performance.
Daniel Patrick Gibson, a founder and Chief Investment Officer of Sylebra, is associated with the transaction through his ownership interests in the investment management entities. The acquisition underlines Sylebra’s continued interest in PureCycle Technologies, a company specializing in advanced plastic recycling solutions. InvestingPro analysis reveals 12 additional investment tips and comprehensive insights available for PCT, including detailed profitability metrics and growth projections.
In other recent news, PureCycle Technologies has been making significant strides in its operations. The company’s third-quarter 2024 earnings report revealed a robust 200% increase in production quarter-over-quarter at its Ironton facility. Additionally, a new sorting facility in Denver, PA, has reached its full operational capacity. This progress was acknowledged by TD Cowen, which sustained its Buy rating on the company’s shares and raised its price target to $15.00, up from the previous $10.00 target.
These developments come after an in-depth examination of PureCycle’s recent 10Q filing and a recap of the company’s third-quarter earnings. The company also raised over $105 million through revenue bonds and a capital raise to support its operations and future expansion plans in Augusta and Antwerp.
Looking ahead, PureCycle is anticipated to see significant commercial opportunities across various markets in the fiscal year 2025, as highlighted by TD Cowen. The firm pointed out the potential in the fiber, film, and injection molding markets as areas where PureCycle could make a substantial impact. These recent developments underscore PureCycle’s ongoing progression towards commercialization and expansion of its market presence.
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