Quantbot Technologies LP Takes $1.08 Million Position in PureCycle Technologies, Inc. $PCT

Key Points

• Quantbot Technologies LP purchased 156,435 shares of PureCycle Technologies, Inc. valued at approximately $1,083,000, representing about 0.09% ownership by the end of the most recent quarter.
• PureCycle Technologies has seen varied analyst ratings, with a consensus of "Buy" and an average target price of $14.67, despite a downgrade to "sell" from Wall Street Zen.
• The company reported earnings of ($0.35) EPS, missing expectations, with revenue significantly lower than anticipated at $1.65 million against a forecast of $4.10 million.

Quantbot Technologies LP purchased a new position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 156,435 shares of the company's stock, valued at approximately $1,083,000. Quantbot Technologies LP owned 0.09% of PureCycle Technologies as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in PCT. Ethos Financial Group LLC raised its position in shares of PureCycle Technologies by 58.0% in the 1st quarter. Ethos Financial Group LLC now owns 453,354 shares of the company's stock worth $3,137,000 after buying an additional 166,382 shares during the period. Fox Run Management L.L.C. purchased a new position in shares of PureCycle Technologies in the 1st quarter worth $182,000. Nuveen LLC purchased a new position in shares of PureCycle Technologies in the 1st quarter worth $2,306,000. Swiss National Bank raised its position in shares of PureCycle Technologies by 5.6% in the 1st quarter. Swiss National Bank now owns 252,200 shares of the company's stock worth $1,745,000 after buying an additional 13,400 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of PureCycle Technologies by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,142,943 shares of the company's stock worth $7,909,000 after buying an additional 5,643 shares during the period. Hedge funds and other institutional investors own 63.01% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on PCT. Wall Street Zen lowered PureCycle Technologies from a "hold" rating to a "sell" rating in a research report on Monday, July 21st. Cantor Fitzgerald reissued an "overweight" rating and issued a $16.00 price objective on shares of PureCycle Technologies in a research report on Friday, August 8th. Cowen restated a "buy" rating on shares of PureCycle Technologies in a research note on Friday, August 8th. TD Cowen upgraded PureCycle Technologies to a "strong-buy" rating in a research note on Monday, June 23rd. Finally, Northland Securities assumed coverage on PureCycle Technologies in a research note on Wednesday. They set an "outperform" rating and a $16.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $15.00.

PureCycle Technologies Stock Performance

NASDAQ PCT traded down $0.17 during trading hours on Thursday, reaching $14.69. The company's stock had a trading volume of 1,672,565 shares, compared to its average volume of 3,079,594. The company has a current ratio of 2.14, a quick ratio of 2.07 and a debt-to-equity ratio of 3.54. The business has a 50-day simple moving average of $14.02 and a 200 day simple moving average of $10.29. PureCycle Technologies, Inc. has a 52 week low of $4.50 and a 52 week high of $17.37. The stock has a market cap of $2.64 billion, a PE ratio of -8.68 and a beta of 1.94.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.12). The business had revenue of $1.65 million for the quarter, compared to analysts' expectations of $4.10 million. Equities research analysts predict that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

PureCycle Technologies Profile

PureCycle Technologies, Inc engages in the production of recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled polypropylene resin that has multiple applications, including packaging and labeling for consumer products, piping, ropes, cabling, and plastic parts for various industries.