CW Advisors LLC Acquires New Stake in PureCycle Technologies, Inc. $PCT

Key Points

• CW Advisors LLC has acquired 34,702 shares of PureCycle Technologies, Inc., valued at approximately $241,000, during the first quarter of the year.
• Several institutional investors have increased their holdings in PureCycle Technologies, leading to 63.01% of the stock being owned by hedge funds and other institutions.
• PureCycle Technologies recently reported earnings of ($0.35) per share, which was below analysts' expectations, alongside a revenue of only $1.65 million for the quarter.

CW Advisors LLC bought a new position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 34,702 shares of the company's stock, valued at approximately $241,000.

Several other hedge funds also recently modified their holdings of PCT. Envestnet Asset Management Inc. purchased a new stake in shares of PureCycle Technologies during the fourth quarter valued at approximately $315,000. Raymond James Financial Inc. purchased a new stake in shares of PureCycle Technologies during the fourth quarter valued at approximately $1,415,000. Marshall Wace LLP purchased a new stake in shares of PureCycle Technologies during the fourth quarter valued at approximately $598,000. MetLife Investment Management LLC increased its position in shares of PureCycle Technologies by 7.5% during the fourth quarter. MetLife Investment Management LLC now owns 75,958 shares of the company's stock valued at $779,000 after acquiring an additional 5,281 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of PureCycle Technologies by 9.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 108,035 shares of the company's stock valued at $1,108,000 after acquiring an additional 8,959 shares during the last quarter. Hedge funds and other institutional investors own 63.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PCT. Cowen reaffirmed a "buy" rating on shares of PureCycle Technologies in a research report on Friday, August 8th. Northland Capmk raised PureCycle Technologies to a "strong-buy" rating in a research report on Tuesday, August 26th. Wall Street Zen downgraded PureCycle Technologies from a "hold" rating to a "sell" rating in a research report on Monday, July 21st. TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $16.00 price target on shares of PureCycle Technologies in a research report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $15.00.

PureCycle Technologies Stock Performance

NASDAQ:PCT traded down $0.34 during trading hours 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. The company has a debt-to-equity ratio of 3.54, a quick ratio of 2.07 and a current ratio of 2.14. The stock has a 50 day simple moving average of $14.06 and a 200 day simple moving average of $10.39. PureCycle Technologies, Inc. has a 12-month low of $4.50 and a 12-month high of $17.37. The stock has a market cap of $2.57 billion, a P/E ratio of -8.46 and a beta of 2.01.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last released 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 during the quarter, compared to analyst estimates of $4.10 million. On average, research analysts forecast that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal year.

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.