Fortitude Advisory Group L.L.C. Boosts Stock Position in PureCycle Technologies, Inc. $PCT

Key Points

• Fortitude Advisory Group L.L.C. increased its stake in PureCycle Technologies by 218.2%, acquiring 48,000 additional shares in the second quarter, bringing its total holdings to 70,000 shares valued at approximately $959,000.
• PureCycle Technologies reported a loss of $0.35 per share for the latest quarter, missing analyst expectations, with revenues at just $1.65 million compared to forecasts of $4.10 million.
• A mix of analysts have given varying ratings on PureCycle Technologies, with a consensus rating of "Buy" and an average price target set at $15.00.

Fortitude Advisory Group L.L.C. lifted its stake in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 218.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 70,000 shares of the company's stock after buying an additional 48,000 shares during the quarter. Fortitude Advisory Group L.L.C.'s holdings in PureCycle Technologies were worth $959,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of PCT. Duquesne Family Office LLC raised its holdings in shares of PureCycle Technologies by 111.3% during the first quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company's stock valued at $23,285,000 after acquiring an additional 1,772,342 shares during the last quarter. Samlyn Capital LLC boosted its position in shares of PureCycle Technologies by 19.1% during the first quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company's stock worth $43,057,000 after buying an additional 997,337 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in shares of PureCycle Technologies by 66.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 2,249,781 shares of the company's stock worth $15,569,000 after buying an additional 897,694 shares during the period. Huntleigh Advisors Inc. purchased a new position in shares of PureCycle Technologies during the first quarter worth $4,844,000. Finally, Vanguard Group Inc. raised its stake in shares of PureCycle Technologies by 4.7% in the first quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company's stock valued at $102,149,000 after acquiring an additional 660,837 shares in the last quarter. Hedge funds and other institutional investors own 63.01% of the company's stock.

PureCycle Technologies Stock Performance

Shares of NASDAQ PCT opened at $13.59 on Friday. The company has a quick ratio of 2.07, a current ratio of 2.14 and a debt-to-equity ratio of 3.54. The firm's 50-day moving average price is $13.36 and its two-hundred day moving average price is $11.16. PureCycle Technologies, Inc. has a 52-week low of $5.40 and a 52-week high of $17.37. The stock has a market capitalization of $2.45 billion, a P/E ratio of -8.04 and a beta of 2.01.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced 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 company had revenue of $1.65 million for the quarter, compared to analysts' expectations of $4.10 million. As a group, sell-side analysts forecast that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Wall Street Zen cut PureCycle Technologies from a "hold" rating to a "sell" rating in a research note on Monday, July 21st. TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. Weiss Ratings reissued a "sell (d-)" rating on shares of PureCycle Technologies in a research note on Saturday, September 27th. Cowen reissued a "buy" rating on shares of PureCycle Technologies in a research note on Friday, August 8th. Finally, Northland Capmk upgraded PureCycle Technologies to a "strong-buy" rating in a research report on Tuesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $15.00.

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.

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