Duquesne Family Office LLC Grows Position in PureCycle Technologies, Inc. $PCT

Key Points

• Duquesne Family Office LLC increased its holdings in PureCycle Technologies by 111.3%, owning 3,364,842 shares valued at approximately $23.29 million as of the latest SEC disclosure.
• Various institutional investors have also significantly boosted their stakes in PureCycle Technologies, with ownership from institutional investors now at 63.01%.
• Despite receiving mixed analyst ratings, with some firms upgrading its rating to "strong-buy", PureCycle reported a loss of ($0.35) EPS for its latest quarter, missing estimates by $0.12.

Duquesne Family Office LLC lifted its holdings in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 111.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,364,842 shares of the company's stock after purchasing an additional 1,772,342 shares during the quarter. Duquesne Family Office LLC owned 1.87% of PureCycle Technologies worth $23,285,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PCT. Envestnet Asset Management Inc. purchased a new position in shares of PureCycle Technologies in the fourth quarter valued at $315,000. Price T Rowe Associates Inc. MD grew its holdings in shares of PureCycle Technologies by 9.0% in 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 purchasing an additional 8,959 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of PureCycle Technologies by 9.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 70,486 shares of the company's stock valued at $722,000 after purchasing an additional 6,290 shares in the last quarter. Northern Trust Corp grew its holdings in shares of PureCycle Technologies by 7.5% in the fourth quarter. Northern Trust Corp now owns 1,240,393 shares of the company's stock valued at $12,714,000 after purchasing an additional 86,233 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in shares of PureCycle Technologies in the fourth quarter valued at $192,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. TD Cowen raised shares of PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $16.00 price objective on shares of PureCycle Technologies in a research note on Friday, August 8th. Northland Capmk raised shares of PureCycle Technologies to a "strong-buy" rating in a research note on Tuesday, August 26th. Northland Securities started coverage on shares of PureCycle Technologies in a research note on Wednesday, August 27th. They set an "outperform" rating and a $16.00 price objective for the company. Finally, Cowen reaffirmed a "buy" rating on shares of PureCycle Technologies in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to data from MarketBeat.com, PureCycle Technologies presently has a consensus rating of "Buy" and a consensus price target of $15.00.

PureCycle Technologies Trading Up 1.7%

NASDAQ PCT traded up $0.23 on Friday, hitting $13.39. 1,930,578 shares of the stock were exchanged, compared to its average volume of 2,823,822. The firm has a market capitalization of $2.41 billion, a P/E ratio of -7.92 and a beta of 2.01. PureCycle Technologies, Inc. has a 52-week low of $4.50 and a 52-week high of $17.37. 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 fifty day moving average price of $14.05 and a two-hundred day moving average price of $10.51.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued 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 firm had revenue of $1.65 million for the quarter, compared to analysts' expectations of $4.10 million. 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.