HighTower Advisors LLC lifted its position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT – Free Report) by 23.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 473,039 shares of the company’s stock after buying an additional 89,766 shares during the period. HighTower Advisors LLC’s holdings in PureCycle Technologies were worth $4,063,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of PCT. Larson Financial Group LLC boosted its stake in shares of PureCycle Technologies by 6,571.8% during the 3rd quarter. Larson Financial Group LLC now owns 2,602 shares of the company’s stock worth $34,000 after acquiring an additional 2,563 shares in the last quarter. Advisory Services Network LLC purchased a new stake in PureCycle Technologies in the 3rd quarter valued at approximately $35,000. Farther Finance Advisors LLC lifted its stake in PureCycle Technologies by 3,047.8% in the 4th quarter. Farther Finance Advisors LLC now owns 9,160 shares of the company’s stock valued at $79,000 after buying an additional 8,869 shares in the last quarter. Independent Advisor Alliance purchased a new stake in PureCycle Technologies in the 4th quarter valued at approximately $87,000. Finally, Stratos Wealth Partners LTD. purchased a new stake in PureCycle Technologies in the 4th quarter valued at approximately $88,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on the company. TD Cowen reduced their target price on PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. Wall Street Zen lowered PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 10th. Finally, Cantor Fitzgerald reduced their target price on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, PureCycle Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.
PureCycle Technologies Trading Down 3.7%
Shares of PureCycle Technologies stock opened at $12.39 on Friday. PureCycle Technologies, Inc. has a fifty-two week low of $4.93 and a fifty-two week high of $17.37. The firm has a market cap of $2.24 billion, a PE ratio of -8.43 and a beta of 2.31. The business’s fifty day moving average is $8.02 and its two-hundred day moving average is $8.56. The company has a quick ratio of 1.57, a current ratio of 1.71 and a debt-to-equity ratio of 47.59.
PureCycle Technologies (NASDAQ:PCT – Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.05. PureCycle Technologies had a negative return on equity of 393.01% and a negative net margin of 2,062.36%.The company had revenue of $4.13 million for the quarter, compared to analyst estimates of $3.83 million. Analysts anticipate that PureCycle Technologies, Inc. will post -0.99 earnings per share for the current year.
PureCycle Technologies Company Profile
PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra‐pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.
Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.
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