Forum Financial Management LP Sells 270,000 Shares of PureCycle Technologies, Inc. (NASDAQ:PCT)

Forum Financial Management LP reduced its holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 90.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,000 shares of the company's stock after selling 270,000 shares during the quarter. Forum Financial Management LP's holdings in PureCycle Technologies were worth $308,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. Jones Financial Companies Lllp increased its stake 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 during the last quarter. Sterling Capital Management LLC lifted its holdings in PureCycle Technologies by 775.3% in the 4th 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. US Bancorp DE lifted its stake 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 buying an additional 2,019 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new stake in shares of PureCycle Technologies in the fourth quarter worth approximately $80,000. Finally, Keudell Morrison Wealth Management acquired a new position in PureCycle Technologies in the fourth quarter worth approximately $117,000. 63.01% of the stock is owned by institutional investors and hedge funds.

PureCycle Technologies Stock Performance

Shares of PCT traded down $0.33 during midday trading on Friday, reaching $9.42. 2,873,968 shares of the stock were exchanged, compared to its average volume of 2,484,331. PureCycle Technologies, Inc. has a twelve month low of $4.50 and a twelve month high of $15.58. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. The company has a market cap of $1.69 billion, a P/E ratio of -6.28 and a beta of 1.68. The stock's 50 day simple moving average is $7.31 and its 200 day simple moving average is $9.15.

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

Analysts Set New Price Targets

Separately, TD Cowen reduced their target price on shares of PureCycle Technologies from $15.00 to $13.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th.

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.