628,184 Shares in PureCycle Technologies, Inc. $PCT Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 628,184 shares of PureCycle Technologies in the second quarter, valued at approximately $5.1 million and representing about 0.31% of the company. Other institutional investors also initiated positions, with institutions collectively owning 63.01% of the stock.
• PureCycle reported weak quarterly results, posting a loss of $0.80 per share versus the $0.29 consensus estimate and revenue of $4.51 million versus expectations of $6.11 million.
• PCT shares opened at $4.66, near their 52-week low of $4.63. Analysts have a consensus “Hold” rating and an average price target of $11.75, while insider ownership stands at 18.80% following a recent director purchase.

Bank of America Corp DE acquired a new position in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 628,184 shares of the company's stock, valued at approximately $5,095,000. Bank of America Corp DE owned approximately 0.31% of PureCycle Technologies as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Bluefin Capital Management LLC bought a new position in PureCycle Technologies during the 2nd quarter valued at about $408,000. Man Group plc bought a new stake in PureCycle Technologies during the 2nd quarter valued at $235,000. Jupiter Topco LLC purchased a new stake in shares of PureCycle Technologies in the 2nd quarter worth $458,000. Hsbc Holdings PLC bought a new position in shares of PureCycle Technologies during the 2nd quarter worth $103,000. Finally, Legal & General Group Plc bought a new position in shares of PureCycle Technologies during the 2nd quarter worth $684,000. Hedge funds and other institutional investors own 63.01% of the company's stock.

PureCycle Technologies Stock Performance

Shares of PCT stock opened at $4.66 on Tuesday. The company has a debt-to-equity ratio of 27.37, a current ratio of 2.60 and a quick ratio of 2.42. PureCycle Technologies, Inc. has a 1 year low of $4.63 and a 1 year high of $15.49. The firm has a market capitalization of $936.19 million, a price-to-earnings ratio of -3.19 and a beta of 2.57. The business has a fifty day moving average of $6.33 and a 200 day moving average of $7.50.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $4.51 million during the quarter, compared to analyst estimates of $6.11 million. As a group, research analysts expect that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on PCT shares. Alembic Global Advisors set a $16.00 price objective on PureCycle Technologies in a report on Tuesday, June 16th. Northland Securities set a $13.00 target price on shares of PureCycle Technologies in a report on Friday, June 12th. Cantor Fitzgerald cut their price objective on shares of PureCycle Technologies from $14.00 to $12.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of PureCycle Technologies in a research note on Wednesday, September 2nd. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, PureCycle Technologies currently has a consensus rating of "Hold" and an average price target of $11.75.

Insider Activity at PureCycle Technologies

In related news, Director Fernando Musa bought 15,479 shares of the company's stock in a transaction that occurred on Friday, September 4th. The shares were purchased at an average cost of $6.38 per share, with a total value of $98,756.02. Following the completion of the acquisition, the director directly owned 175,983 shares in the company, valued at approximately $1,122,771.54. The trade was a 9.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 18.80% of the stock is owned by insiders.

PureCycle Technologies 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.

Want to see what other hedge funds are holding PCT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.