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. lowered its position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 54.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 648,445 shares of the company's stock after selling 773,437 shares during the period. Goldman Sachs Group Inc. owned 0.36% of PureCycle Technologies worth $4,487,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Sylebra Capital LLC grew its stake in PureCycle Technologies by 1.9% in 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 in the last quarter. Vanguard Group Inc. grew its stake in PureCycle Technologies by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company's stock worth $102,149,000 after buying an additional 660,837 shares in the last quarter. Samlyn Capital LLC grew its stake in PureCycle Technologies by 19.1% in the 1st 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 in the last quarter. Duquesne Family Office LLC grew its stake in PureCycle Technologies by 111.3% in the 1st quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company's stock worth $23,285,000 after buying an additional 1,772,342 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its stake in 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 worth $15,569,000 after buying an additional 897,694 shares in the last quarter. Hedge funds and other institutional investors own 63.01% of the company's stock.

PureCycle Technologies Trading Up 1.0%

NASDAQ:PCT traded up $0.14 during midday trading on Friday, reaching $13.91. 3,415,324 shares of the stock traded hands, compared to its average volume of 2,121,604. The company has a fifty day moving average of $13.88 and a 200 day moving average of $10.79. PureCycle Technologies, Inc. has a 12 month low of $5.40 and a 12 month high of $17.37. The company has a debt-to-equity ratio of 3.54, a quick ratio of 2.07 and a current ratio of 2.14. The stock has a market capitalization of $2.51 billion, a P/E ratio of -8.23 and a beta of 2.01.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.35) 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 the consensus estimate of $4.10 million. On average, research analysts predict that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PCT shares. Northland Securities started coverage on shares of PureCycle Technologies in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $16.00 price target for the company. Northland Capmk upgraded shares of PureCycle Technologies to a "strong-buy" rating in a report on Tuesday, August 26th. Wall Street Zen cut shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research note on Monday, July 21st. TD Cowen raised shares of PureCycle Technologies to a "strong-buy" rating in a research note on Monday, June 23rd. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $16.00 price objective on shares of PureCycle Technologies in a research note on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to MarketBeat, PureCycle Technologies has a consensus rating of "Buy" and an average target price 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.