Goldman Sachs Group Inc. Sells 773,437 Shares of PureCycle Technologies, Inc. $PCT

Key Points

• Goldman Sachs Group Inc. significantly reduced its holdings in PureCycle Technologies, selling 773,437 shares and decreasing its position by 54.4%, now owning approximately 0.36% of the company.
• Several other hedge funds, including Sylebra Capital and Vanguard Group, increased their stakes in PureCycle Technologies during the same quarter, indicating continued institutional interest despite Goldman Sachs' sell-off.
• Equities analysts have mixed views on PureCycle Technologies, with ratings ranging from "buy" to "sell" and an average price target of $15.00 following a disappointing earnings report.

Goldman Sachs Group Inc. reduced its position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 54.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 648,445 shares of the company's stock after selling 773,437 shares during the quarter. Goldman Sachs Group Inc. owned about 0.36% of PureCycle Technologies worth $4,487,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Sylebra Capital LLC grew its position in shares of PureCycle Technologies by 1.9% during the 1st quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company's stock worth $235,817,000 after buying an additional 619,925 shares during the period. Vanguard Group Inc. grew its holdings in PureCycle Technologies by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company's stock worth $102,149,000 after acquiring an additional 660,837 shares during the period. Samlyn Capital LLC grew its holdings in PureCycle Technologies by 19.1% during the 1st quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company's stock worth $43,057,000 after acquiring an additional 997,337 shares during the period. Duquesne Family Office LLC raised its position in shares of PureCycle Technologies by 111.3% during the 1st 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. Finally, T. Rowe Price Investment Management Inc. lifted its stake in shares of PureCycle Technologies by 66.4% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,249,781 shares of the company's stock valued at $15,569,000 after purchasing an additional 897,694 shares during the period. Institutional investors own 63.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PCT shares. Northland Securities began coverage on PureCycle Technologies in a research note on Wednesday, August 27th. They set an "outperform" rating and a $16.00 price objective for the company. Cowen restated a "buy" rating on shares of PureCycle Technologies in a research report on Friday, August 8th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $16.00 price target on shares of PureCycle Technologies in a research report on Friday, August 8th. Wall Street Zen lowered shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research note on Monday, July 21st. Finally, TD Cowen raised shares of PureCycle Technologies to a "strong-buy" rating in a research note on Monday, June 23rd. Two analysts have rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, PureCycle Technologies currently has an average rating of "Buy" and an average price target of $15.00.

PureCycle Technologies Price Performance

NASDAQ:PCT opened at $13.18 on Thursday. The company has a market cap of $2.37 billion, a P/E ratio of -7.80 and a beta of 2.01. The firm's fifty day moving average price is $13.94 and its two-hundred day moving average price is $10.70. PureCycle Technologies, Inc. has a one year low of $5.40 and a one year high of $17.37. The company has a debt-to-equity ratio of 3.54, a current ratio of 2.14 and a quick ratio of 2.07.

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

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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