Fortis Group Advisors LLC Increases Holdings in PureCycle Technologies, Inc. (NASDAQ:PCT)

Fortis Group Advisors LLC boosted its holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 587.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 220,146 shares of the company's stock after buying an additional 188,121 shares during the period. Fortis Group Advisors LLC owned approximately 0.12% of PureCycle Technologies worth $1,523,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in PCT. Jones Financial Companies Lllp raised its position in PureCycle Technologies by 286.0% during the fourth quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company's stock valued at $32,000 after purchasing an additional 2,291 shares in the last quarter. Sterling Capital Management LLC raised its position in 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 purchasing an additional 2,861 shares in the last quarter. US Bancorp DE raised its position in PureCycle Technologies by 141.5% during the fourth quarter. US Bancorp DE now owns 3,446 shares of the company's stock valued at $35,000 after purchasing an additional 2,019 shares in the last quarter. NBC Securities Inc. purchased a new stake in PureCycle Technologies during the first quarter valued at about $25,000. Finally, CWM LLC raised its position in PureCycle Technologies by 158.7% during the first quarter. CWM LLC now owns 4,960 shares of the company's stock valued at $34,000 after purchasing an additional 3,043 shares in the last quarter. Institutional investors own 63.01% of the company's stock.

Analyst Upgrades and Downgrades

PCT has been the topic of several analyst reports. Wall Street Zen upgraded PureCycle Technologies from a "sell" rating to a "hold" rating in a report on Sunday, July 13th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $16.00 price objective (up previously from $12.00) on shares of PureCycle Technologies in a report on Tuesday, June 24th. Finally, TD Cowen upgraded PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $12.50.

PureCycle Technologies Stock Up 2.5%

Shares of PCT traded up $0.42 during mid-day trading on Friday, reaching $16.92. The company had a trading volume of 6,014,828 shares, compared to its average volume of 2,861,013. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.45 and a current ratio of 0.55. The firm has a 50-day moving average price of $11.97 and a 200 day moving average price of $9.49. PureCycle Technologies, Inc. has a 52 week low of $4.50 and a 52 week high of $17.37. The company has a market capitalization of $3.04 billion, a price-to-earnings ratio of -14.46 and a beta of 1.90.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.27) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.02). The company had revenue of $1.58 million for the quarter, compared to the consensus estimate of $4.27 million. On average, sell-side analysts forecast that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

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.