Bank of New York Mellon Corp Invests $3.29 Million in PureCycle Technologies, Inc. $PCT

Key Points

• Bank of New York Mellon initiated a $3.29 million position in PureCycle Technologies during the second quarter, purchasing 405,670 shares, or approximately 0.22% of the company. Institutional investors collectively own 63.01% of PCT.
• Analyst sentiment is mixed, with the stock carrying an average “Hold” rating and an average price target of $11.75. Cantor Fitzgerald maintained an “overweight” rating but reduced its target to $12.
• PureCycle reported weaker-than-expected quarterly results, including an EPS loss of $0.80 versus the $0.29 consensus estimate and revenue of $4.51 million versus $6.11 million expected. Shares opened at $6.39, while the company continues to report sharply negative profitability metrics.

Bank of New York Mellon Corp bought a new position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 405,670 shares of the company's stock, valued at approximately $3,290,000. Bank of New York Mellon Corp owned about 0.22% of PureCycle Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Integrated Wealth Concepts LLC increased its holdings in PureCycle Technologies by 4.3% in the 1st quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company's stock valued at $253,000 after acquiring an additional 1,516 shares during the last quarter. ProShare Advisors LLC grew its position in shares of PureCycle Technologies by 6.9% during the fourth quarter. ProShare Advisors LLC now owns 23,738 shares of the company's stock valued at $204,000 after purchasing an additional 1,526 shares in the last quarter. Lido Advisors LLC increased its holdings in shares of 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 purchasing an additional 1,574 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of PureCycle Technologies by 1.7% in the first quarter. Cetera Investment Advisers now owns 110,643 shares of the company's stock worth $574,000 after purchasing an additional 1,823 shares during the last quarter. Finally, Sequoia Financial Advisors LLC lifted its position in shares of PureCycle Technologies by 17.6% in the first quarter. Sequoia Financial Advisors LLC now owns 13,451 shares of the company's stock worth $70,000 after buying an additional 2,016 shares in the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PCT has been the subject of a number of research reports. Cantor Fitzgerald dropped their price target on PureCycle Technologies from $14.00 to $12.00 and set an "overweight" rating for the company in a research note on Friday, August 7th. Wall Street Zen downgraded PureCycle Technologies from a "sell" rating to a "strong sell" rating in a research note on Sunday, May 10th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of PureCycle Technologies in a report on Wednesday. Northland Securities set a $13.00 target price on shares of PureCycle Technologies in a report on Friday, June 12th. Finally, Alembic Global Advisors set a $16.00 price target on shares of PureCycle Technologies in a research note on Tuesday, June 16th. 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. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $11.75.

PureCycle Technologies Stock Performance

Shares of NASDAQ PCT opened at $6.39 on Monday. The business's 50 day moving average is $6.82 and its two-hundred day moving average is $7.70. 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 $4.93 and a 1-year high of $15.49. The stock has a market capitalization of $1.28 billion, a P/E ratio of -4.38 and a beta of 2.57.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate 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, research analysts expect that PureCycle Technologies, Inc. will post -0.9 EPS for the current year.

PureCycle Technologies 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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