Forum Financial Management LP Grows Stake in PureCycle Technologies, Inc. (NASDAQ:PCT)

Forum Financial Management LP boosted its stake in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 150.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,000 shares of the company's stock after purchasing an additional 45,000 shares during the quarter. Forum Financial Management LP's holdings in PureCycle Technologies were worth $519,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PCT. NewEdge Advisors LLC grew its holdings in PureCycle Technologies by 0.4% during the fourth quarter. NewEdge Advisors LLC now owns 322,491 shares of the company's stock worth $3,306,000 after buying an additional 1,330 shares in the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of PureCycle Technologies by 11.7% in the 4th 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 in the last quarter. Arizona State Retirement System grew its position in PureCycle Technologies by 5.9% during the 1st quarter. Arizona State Retirement System now owns 37,301 shares of the company's stock worth $258,000 after acquiring an additional 2,084 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in PureCycle Technologies by 3.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 70,088 shares of the company's stock worth $718,000 after acquiring an additional 2,360 shares during the last quarter. Finally, JT Stratford LLC lifted its stake in shares of PureCycle Technologies by 3.5% in the 4th quarter. JT Stratford LLC now owns 74,321 shares of the company's stock valued at $762,000 after purchasing an additional 2,501 shares during the period. 63.01% of the stock is owned by institutional investors and hedge funds.

PureCycle Technologies Price Performance

PureCycle Technologies stock traded down $0.19 during trading hours on Tuesday, hitting $16.14. 4,334,779 shares of the stock were exchanged, compared to its average volume of 2,877,931. 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 stock has a market capitalization of $2.90 billion, a P/E ratio of -13.79 and a beta of 1.90. PureCycle Technologies, Inc. has a 12 month low of $4.50 and a 12 month high of $17.37. The business's 50-day moving average is $11.97 and its two-hundred day moving average is $9.49.

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

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wall Street Zen downgraded PureCycle Technologies from a "hold" rating to a "sell" rating in a research report on Monday. Cantor Fitzgerald restated an "overweight" rating and issued a $16.00 target price (up previously from $12.00) on shares of PureCycle Technologies in a research note on Tuesday, June 24th. Finally, TD Cowen upgraded PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, PureCycle Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $12.50.

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.