NewEdge Advisors LLC Grows Position in PureCycle Technologies, Inc. $PCT

NewEdge Advisors LLC raised its stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 600.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 1,186,811 shares of the company’s stock after purchasing an additional 1,017,488 shares during the period. NewEdge Advisors LLC’s holdings in PureCycle Technologies were worth $9,625,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PCT. Larson Financial Group LLC raised its stake in shares of PureCycle Technologies by 6,571.8% in the third quarter. Larson Financial Group LLC now owns 2,602 shares of the company’s stock worth $34,000 after buying an additional 2,563 shares during the period. Advisory Services Network LLC purchased a new stake in PureCycle Technologies in the 3rd quarter worth approximately $35,000. SHP Wealth Management purchased a new stake in PureCycle Technologies in the 4th quarter worth approximately $43,000. Cassaday & Co Wealth Management LLC bought a new stake in PureCycle Technologies during the 1st quarter worth approximately $33,000. Finally, Independent Advisor Alliance bought a new stake in PureCycle Technologies during the 4th quarter worth approximately $87,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Insider Activity at PureCycle Technologies

In other news, Director Fernando Musa acquired 15,479 shares of the business’s stock in a transaction dated Friday, September 4th. The stock was purchased at an average price of $6.38 per share, for a total transaction of $98,756.02. Following the completion of the transaction, the director directly 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 18.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PCT. Cantor Fitzgerald dropped their price target on shares of PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Alembic Global Advisors set a $16.00 price objective on shares of PureCycle Technologies in a research report on Tuesday, June 16th. Weiss Ratings restated a “sell (e+)” rating on shares of PureCycle Technologies in a research note on Wednesday, September 2nd. Finally, Northland Securities set a $13.00 target price on shares of PureCycle Technologies in a report on Friday, June 12th. One research 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $11.75.

PureCycle Technologies Price Performance

Shares of NASDAQ:PCT opened at $6.02 on Friday. The company has a debt-to-equity ratio of 27.37, a quick ratio of 2.42 and a current ratio of 2.60. The firm has a fifty day moving average price of $6.66 and a 200 day moving average price of $7.61. PureCycle Technologies, Inc. has a fifty-two week low of $4.93 and a fifty-two week high of $15.49. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -4.12 and a beta of 2.57.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.51). The company had revenue of $4.51 million during the quarter, compared to the consensus estimate of $6.11 million. PureCycle Technologies had a negative net margin of 1,618.84% and a negative return on equity of 612.39%. As a group, sell-side analysts expect that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current fiscal year.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc is a chemical recycling company that develops and operates technology designed to convert waste polypropylene plastic into recycled polypropylene resin. Unlike conventional mechanical recycling, which can leave behind colors, odors and other contaminants, PureCycle’s proprietary purification process is intended to separate impurities from polypropylene and produce a recycled material with properties similar to virgin resin.

The company’s products are recycled polypropylene pellets and related materials that can be used in applications such as packaging, consumer products, automotive components and other molded plastic goods.