185,000 Shares in PureCycle Technologies, Inc. $PCT Bought by NINE MASTS CAPITAL Ltd

Key Points

• NINE MASTS CAPITAL purchased 185,000 PureCycle Technologies shares worth approximately $1.5 million, representing 0.10% of the company. Hedge funds and institutional investors collectively own 63.01% of PCT.
• PureCycle reported a quarterly loss of $0.80 per share, well below the $0.29 consensus estimate, while revenue of $4.51 million also missed expectations of $6.11 million.
• PCT shares opened at $7.22, compared with a 52-week range of $4.93 to $15.49. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $11.75.

NINE MASTS CAPITAL Ltd purchased a new position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 185,000 shares of the company's stock, valued at approximately $1,500,000. NINE MASTS CAPITAL Ltd owned 0.10% of PureCycle Technologies at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Focused Wealth Management Inc increased its stake in shares of PureCycle Technologies by 7.1% during the fourth quarter. Focused Wealth Management Inc now owns 15,005 shares of the company's stock worth $129,000 after buying an additional 1,000 shares during the period. Integrated Wealth Concepts LLC lifted its stake in PureCycle Technologies by 4.3% in the first quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company's stock worth $253,000 after acquiring an additional 1,516 shares during the last quarter. ProShare Advisors LLC lifted its stake in PureCycle Technologies by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 23,738 shares of the company's stock worth $204,000 after acquiring an additional 1,526 shares during the last quarter. Lido Advisors LLC lifted its stake in PureCycle Technologies by 5.0% in the third quarter. Lido Advisors LLC now owns 32,824 shares of the company's stock worth $432,000 after acquiring an additional 1,574 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in PureCycle Technologies by 1.7% during the 1st quarter. Cetera Investment Advisers now owns 110,643 shares of the company's stock worth $574,000 after acquiring an additional 1,823 shares in the last quarter. Hedge funds and other institutional investors own 63.01% of the company's stock.

PureCycle Technologies Price Performance

PCT stock opened at $7.22 on Tuesday. The business has a 50 day moving average price of $7.41 and a 200 day moving average price of $7.99. The company has a quick ratio of 2.42, a current ratio of 2.60 and a debt-to-equity ratio of 27.37. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -4.95 and a beta of 2.57. PureCycle Technologies, Inc. has a fifty-two week low of $4.93 and a fifty-two week high of $15.49.

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

Wall Street Analysts Forecast Growth

PCT has been the topic of a number of recent analyst reports. 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. TD Cowen decreased their price objective on shares of PureCycle Technologies from $7.00 to $6.00 and set a "hold" rating for the company in a research report on Friday, May 8th. Northland Securities set a $13.00 target price on shares of PureCycle Technologies in a research note on Friday, June 12th. Alembic Global Advisors set a $16.00 target price on PureCycle Technologies in a report on Tuesday, June 16th. Finally, Cantor Fitzgerald cut their price target on PureCycle Technologies from $14.00 to $12.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $11.75.

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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