Clear Harbor Asset Management LLC Makes New Investment in PureCycle Technologies, Inc. $PCT

Clear Harbor Asset Management LLC purchased a new position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 75,387 shares of the company’s stock, valued at approximately $648,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PCT. Royal Bank of Canada raised its position in shares of PureCycle Technologies by 62.4% during the 1st quarter. Royal Bank of Canada now owns 1,042,338 shares of the company’s stock worth $7,213,000 after buying an additional 400,520 shares in the last quarter. AQR Capital Management LLC raised its position in shares of PureCycle Technologies by 67.9% during the 1st quarter. AQR Capital Management LLC now owns 20,963 shares of the company’s stock worth $145,000 after buying an additional 8,478 shares in the last quarter. Integrated Wealth Concepts LLC raised its position in shares of PureCycle Technologies by 4.3% during the 1st quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company’s stock worth $253,000 after buying an additional 1,516 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of PureCycle Technologies by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,249 shares of the company’s stock worth $507,000 after buying an additional 3,161 shares in the last quarter. Finally, Millennium Management LLC bought a new stake in shares of PureCycle Technologies during the 1st quarter worth about $3,770,000. 63.01% of the stock is currently owned by institutional investors.

PureCycle Technologies Stock Up 5.1%

NASDAQ PCT opened at $12.85 on Wednesday. The company has a debt-to-equity ratio of 47.59, a current ratio of 1.71 and a quick ratio of 1.57. The company’s 50 day simple moving average is $8.14 and its 200 day simple moving average is $8.57. PureCycle Technologies, Inc. has a 12 month low of $4.93 and a 12 month high of $17.37. The company has a market capitalization of $2.32 billion, a P/E ratio of -8.74 and a beta of 2.48.

PureCycle Technologies (NASDAQ:PCT) last released its earnings results on Wednesday, May 6th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.05. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. The business had revenue of $4.13 million for the quarter, compared to the consensus estimate of $3.83 million. Equities research analysts expect that PureCycle Technologies, Inc. will post -0.99 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. TD Cowen dropped their price target on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Friday, May 8th. Cantor Fitzgerald dropped their price target on shares of PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, February 27th. Finally, Wall Street Zen downgraded shares of PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $12.00.

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.