Engineers Gate Manager LP Lowers Holdings in PureCycle Technologies, Inc. $PCT

Key Points

• Engineers Gate Manager LP cut its PureCycle Technologies stake by 61.8% in the second quarter, selling 189,481 shares and retaining 117,105 shares worth approximately $950,000.
• Director Fernando Musa purchased 15,479 shares at an average price of $6.38, increasing his position by 9.64%; insiders own 18.80% of the company, while institutions hold 63.01%.
• PureCycle reported a larger-than-expected quarterly loss of $0.80 per share and revenue of $4.51 million, below estimates. Analysts have a consensus “Hold” rating with an $11.75 price target, while the stock recently traded at $5.72.

Engineers Gate Manager LP trimmed its holdings in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 61.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 117,105 shares of the company's stock after selling 189,481 shares during the quarter. Engineers Gate Manager LP owned approximately 0.06% of PureCycle Technologies worth $950,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. SHP Wealth Management purchased a new position in shares of PureCycle Technologies during the fourth quarter valued at about $43,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of PureCycle Technologies in the first quarter valued at $33,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of PureCycle Technologies in the second quarter valued at $82,000. Sigma Planning Corp purchased a new position in shares of PureCycle Technologies in the first quarter valued at $53,000. Finally, Carnegie Lake Advisors LLC bought a new stake in PureCycle Technologies in the fourth quarter worth $94,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at PureCycle Technologies

In related news, Director Fernando Musa bought 15,479 shares of PureCycle Technologies stock in a transaction dated Friday, September 4th. The shares were acquired at an average cost of $6.38 per share, with a total value of $98,756.02. Following the completion of the transaction, the director owned 175,983 shares in the company, valued at $1,122,771.54. The trade was a 9.64% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 18.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PCT. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of PureCycle Technologies in a research note on Wednesday, September 2nd. Alembic Global Advisors set a $16.00 price objective on shares of PureCycle Technologies in a research note on Tuesday, June 16th. Cantor Fitzgerald reduced their target price 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, Northland Securities set a $13.00 target price on shares of PureCycle Technologies in a research report on Friday, June 12th. 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's stock. Based on data from MarketBeat, PureCycle Technologies has a consensus rating of "Hold" and a consensus price target of $11.75.

PureCycle Technologies Price Performance

PCT opened at $5.72 on Friday. The company has a quick ratio of 2.42, a current ratio of 2.60 and a debt-to-equity ratio of 27.37. The business has a fifty day moving average of $6.49 and a 200 day moving average of $7.53. PureCycle Technologies, Inc. has a 52-week low of $4.93 and a 52-week high of $15.49. The stock has a market cap of $1.15 billion, a P/E ratio of -3.92 and a beta of 2.57.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.51). The company had revenue of $4.51 million for the quarter, compared to analysts' expectations 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, sell-side analysts anticipate that PureCycle Technologies, Inc. will post -0.9 EPS for the current year.

PureCycle Technologies Company 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.

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