Federated Hermes Inc. Sells 41,812 Shares of PureCycle Technologies, Inc. (NASDAQ:PCT)

Key Points

• Federated Hermes Inc. has decreased its holdings in PureCycle Technologies, Inc. by 63.5%, now owning 24,049 shares after selling 41,812 shares during the first quarter.
• Analysts have mixed sentiments on PureCycle, with TD Cowen upgrading it to a "strong-buy" rating, while Wall Street Zen lowered its rating from "hold" to "sell".
• PureCycle Technologies reported a loss of ($0.35) EPS last quarter, missing the consensus estimate of ($0.23), and generated revenue of only $1.65 million compared to a forecast of $4.10 million.

Federated Hermes Inc. trimmed its holdings in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 63.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,049 shares of the company's stock after selling 41,812 shares during the quarter. Federated Hermes Inc.'s holdings in PureCycle Technologies were worth $166,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of PCT. NewEdge Advisors LLC lifted its stake in PureCycle Technologies by 0.4% during the fourth quarter. NewEdge Advisors LLC now owns 322,491 shares of the company's stock valued at $3,306,000 after buying an additional 1,330 shares in the last quarter. Summit Investment Advisors Inc. lifted its stake in 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 buying an additional 1,352 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its stake in PureCycle Technologies by 11.5% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 17,049 shares of the company's stock valued at $118,000 after buying an additional 1,753 shares in the last quarter. Arizona State Retirement System lifted its stake in PureCycle Technologies by 5.9% during the first quarter. Arizona State Retirement System now owns 37,301 shares of the company's stock valued at $258,000 after buying an additional 2,084 shares in the last quarter. Finally, Nwam LLC lifted its stake in PureCycle Technologies by 11.8% during the first quarter. Nwam LLC now owns 21,058 shares of the company's stock valued at $146,000 after buying an additional 2,220 shares in the last quarter. 63.01% of the stock is owned by institutional investors and hedge funds.

PureCycle Technologies Stock Down 1.4%

NASDAQ:PCT traded down $0.19 during mid-day trading on Thursday, reaching $13.38. The stock had a trading volume of 1,222,372 shares, compared to its average volume of 3,093,928. The business's 50 day moving average is $13.71 and its 200 day moving average is $10.01. PureCycle Technologies, Inc. has a fifty-two week low of $4.50 and a fifty-two week high of $17.37. The stock has a market cap of $2.41 billion, a P/E ratio of -7.91 and a beta of 1.94. The company has a debt-to-equity ratio of 3.54, a current ratio of 2.14 and a quick ratio of 0.45.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PCT. Wall Street Zen downgraded PureCycle Technologies from a "hold" rating to a "sell" rating in a report on Monday, July 21st. Cantor Fitzgerald reiterated an "overweight" rating and issued a $16.00 target price on shares of PureCycle Technologies in a report on Friday, August 8th. TD Cowen upgraded PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. Finally, Cowen reiterated a "buy" rating on shares of PureCycle Technologies in a report on Friday, August 8th. One investment analyst has rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, PureCycle Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $14.67.

PureCycle Technologies 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.