Clough Capital Partners L P Reduces Holdings in PureCycle Technologies, Inc. $PCT

Key Points

• Clough Capital Partners L P reduced its stake in PureCycle Technologies by 37.7% in the first quarter, now holding 83,881 shares worth approximately $580,000.
• Institutional investors, including Vanguard Group Inc. and T. Rowe Price, increased their stakes in PureCycle Technologies, indicating growing interest with Vanguard adding 4.7% and T. Rowe Price boosting its holdings by 66.4%.
• Despite a recent earnings miss, analysts maintain a consensus Buy rating for PureCycle Technologies, with price targets set around $15.00.

Clough Capital Partners L P reduced its stake in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 37.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 83,881 shares of the company's stock after selling 50,754 shares during the quarter. Clough Capital Partners L P's holdings in PureCycle Technologies were worth $580,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PCT. Envestnet Asset Management Inc. acquired a new position in shares of PureCycle Technologies in the 4th quarter worth approximately $315,000. Raymond James Financial Inc. acquired a new position in shares of PureCycle Technologies in the 4th quarter worth approximately $1,415,000. Marshall Wace LLP acquired a new position in shares of PureCycle Technologies in the 4th quarter worth approximately $598,000. MetLife Investment Management LLC lifted its holdings in shares of PureCycle Technologies by 7.5% in the 4th quarter. MetLife Investment Management LLC now owns 75,958 shares of the company's stock worth $779,000 after acquiring an additional 5,281 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of PureCycle Technologies by 9.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 108,035 shares of the company's stock worth $1,108,000 after acquiring an additional 8,959 shares during the last quarter. 63.01% of the stock is currently owned by institutional investors and hedge funds.

PureCycle Technologies Stock Down 2.3%

Shares of PCT traded down $0.34 during midday trading on Monday, reaching $14.29. The stock had a trading volume of 2,247,660 shares, compared to its average volume of 2,996,659. PureCycle Technologies, Inc. has a 1-year low of $4.50 and a 1-year high of $17.37. The company's fifty day simple moving average is $14.06 and its two-hundred day simple moving average is $10.39. The company has a market cap of $2.57 billion, a price-to-earnings ratio of -8.46 and a beta of 2.01. The company has a debt-to-equity ratio of 3.54, a current ratio of 2.14 and a quick ratio of 2.07.

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Northland Capmk upgraded shares of PureCycle Technologies to a "strong-buy" rating in a report on Tuesday, August 26th. Wall Street Zen lowered shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a report on Monday, July 21st. TD Cowen upgraded shares of PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. Cantor Fitzgerald reiterated an "overweight" rating and set a $16.00 target price on shares of PureCycle Technologies in a report on Friday, August 8th. Finally, Cowen reiterated a "buy" rating on shares of PureCycle Technologies in a report on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $15.00.

About PureCycle Technologies

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.