PureCycle Technologies, Inc. $PCT Shares Newly Acquired by Sanders Morris Harris LLC

Sanders Morris Harris LLC acquired a new position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 215,009 shares of the company’s stock, valued at approximately $948,000.

Other large investors have also made changes to their positions in the company. State Street Corp boosted its stake in PureCycle Technologies by 12.0% during the 2nd quarter. State Street Corp now owns 3,331,674 shares of the company’s stock valued at $27,020,000 after purchasing an additional 355,675 shares during the period. Rokos Capital Management LLP acquired a new stake in PureCycle Technologies in the 1st quarter valued at approximately $7,526,000. PNC Financial Services Group Inc. increased its position in PureCycle Technologies by 18.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,445,556 shares of the company’s stock worth $7,502,000 after buying an additional 222,996 shares during the period. SWS Partners bought a new position in PureCycle Technologies in the 2nd quarter worth approximately $11,637,000. Finally, NewEdge Advisors LLC increased its position in PureCycle Technologies by 600.9% in the 2nd quarter. NewEdge Advisors LLC now owns 1,186,811 shares of the company’s stock worth $9,625,000 after buying an additional 1,017,488 shares during the period. Institutional investors and hedge funds own 63.01% of the company’s stock.

Insider Activity

In other news, Director Fernando Musa acquired 15,479 shares of the stock in a transaction dated Friday, September 4th. The shares were acquired at an average cost of $6.38 per share, for a total transaction of $98,756.02. Following the completion of the transaction, the director owned 175,983 shares in the company, valued at approximately $1,122,771.54. This trade represents a 9.64% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 18.80% of the company’s stock.

PureCycle Technologies Stock Performance

PCT traded down $0.22 on Wednesday, hitting $3.22. 6,145,516 shares of the stock traded hands, compared to its average volume of 4,875,394. The business has a fifty day moving average price of $5.83 and a two-hundred day moving average price of $7.37. The company has a current ratio of 2.60, a quick ratio of 2.42 and a debt-to-equity ratio of 27.37. The firm has a market capitalization of $646.90 million, a PE ratio of -2.21 and a beta of 2.63. PureCycle Technologies, Inc. has a 52 week low of $3.09 and a 52 week high of $15.49.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.51). PureCycle Technologies had a negative return on equity of 612.39% and a negative net margin of 1,618.84%. The firm had revenue of $4.51 million during the quarter, compared to the consensus estimate of $6.11 million. On average, research analysts predict that PureCycle Technologies, Inc. will post -0.90 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Cantor Fitzgerald cut their price target on PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Weiss Ratings restated a “sell (e+)” rating on shares of PureCycle Technologies in a research note on Wednesday, September 2nd. Finally, Alembic Global Advisors set a $16.00 price objective on shares of PureCycle Technologies in a research note on Tuesday, June 16th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, PureCycle Technologies currently has an average rating of “Hold” and an average price target of $11.75.

About PureCycle Technologies

PureCycle Technologies, Inc is a recycling technology company that develops and operates facilities designed to convert waste polypropylene (PP) plastic into recycled resin. Its process is intended to remove colors, odors and other contaminants from used polypropylene, producing a material with properties comparable to virgin polypropylene.

The company’s primary product is PureFive™ recycled polypropylene, which can be used in applications such as packaging, consumer products, automotive components and other plastic goods.