PureCycle Technologies, Inc. $PCT Shares Purchased by Ethos Financial Group LLC

Key Points

• Ethos Financial Group LLC increased its holdings in PureCycle Technologies by 58%, acquiring an additional 166,382 shares, bringing its total ownership to 453,354 shares worth approximately $3.14 million.
• PureCycle Technologies reported a loss of $0.35 per share in its last earnings announcement, falling short of the expected loss of $0.23 per share, with revenues significantly below analysts' forecasts at $1.65 million.
• Analysts have mixed ratings for PureCycle Technologies, with an average rating of "Moderate Buy" and a price target of $14.67, while Cantor Fitzgerald has set a price objective of $16.00.

Ethos Financial Group LLC raised its stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 58.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 453,354 shares of the company's stock after acquiring an additional 166,382 shares during the period. Ethos Financial Group LLC owned approximately 0.25% of PureCycle Technologies worth $3,137,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PCT. Envestnet Asset Management Inc. acquired a new stake in shares of PureCycle Technologies during the fourth quarter valued at about $315,000. Legal & General Group Plc increased its position in shares of PureCycle Technologies by 8.0% during the fourth quarter. Legal & General Group Plc now owns 110,220 shares of the company's stock valued at $1,130,000 after acquiring an additional 8,120 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of PureCycle Technologies during the fourth quarter valued at about $1,415,000. Sterling Capital Management LLC increased its position in shares of PureCycle Technologies by 775.3% during the fourth quarter. Sterling Capital Management LLC now owns 3,230 shares of the company's stock valued at $33,000 after acquiring an additional 2,861 shares during the last quarter. Finally, Summit Investment Advisors Inc. increased its position in shares of PureCycle Technologies by 11.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 12,897 shares of the company's stock valued at $132,000 after acquiring an additional 1,352 shares during the last quarter. 63.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PCT. Cowen reiterated a "buy" rating on shares of PureCycle Technologies in a research report on Friday, August 8th. TD Cowen raised shares of PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. Wall Street Zen cut shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research report on Monday, July 21st. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $16.00 price target on shares of PureCycle Technologies in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $14.67.

PureCycle Technologies Stock Up 3.0%

Shares of NASDAQ PCT traded up $0.3750 during midday trading on Friday, hitting $12.9450. 1,051,189 shares of the company's stock were exchanged, compared to its average volume of 3,069,230. 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, Inc. has a twelve month low of $4.50 and a twelve month high of $17.37. The company has a market cap of $2.33 billion, a PE ratio of -7.67 and a beta of 1.94. The firm's fifty day simple moving average is $13.96 and its 200-day simple moving average is $10.15.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.12). The firm had revenue of $1.65 million during the quarter, compared to analyst estimates of $4.10 million. Research analysts predict that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal year.

PureCycle Technologies Company Profile

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.