Invesco Ltd. Sells 114,109 Shares of PureCycle Technologies, Inc. $PCT

Key Points

• Invesco Ltd. reduced its holdings in PureCycle Technologies by 53.2%, now owning $695,000 worth of the company's stock.
• Vanguard Group significantly increased its stake by 4.7%, owning approximately $102.1 million in PureCycle Technologies after purchasing additional shares.
• PureCycle Technologies reported a quarterly loss of ($0.35) EPS, missing analyst estimates, and had revenue of $1.65 million against expectations of $4.10 million for the quarter.

Invesco Ltd. lowered its holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 53.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 100,435 shares of the company's stock after selling 114,109 shares during the quarter. Invesco Ltd. owned approximately 0.06% of PureCycle Technologies worth $695,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. NBC Securities Inc. purchased a new stake in shares of PureCycle Technologies during the first quarter worth about $25,000. CWM LLC grew its position in shares of PureCycle Technologies by 158.7% during the first quarter. CWM LLC now owns 4,960 shares of the company's stock worth $34,000 after purchasing an additional 3,043 shares in the last quarter. KBC Group NV purchased a new position in PureCycle Technologies during the 1st quarter valued at approximately $41,000. Kathmere Capital Management LLC purchased a new position in PureCycle Technologies during the 1st quarter valued at approximately $69,000. Finally, LJI Wealth Management LLC purchased a new position in PureCycle Technologies during the 1st quarter valued at approximately $86,000. Hedge funds and other institutional investors own 63.01% of the company's stock.

PureCycle Technologies Trading Up 1.7%

Shares of PureCycle Technologies stock traded up $0.23 on Friday, reaching $13.39. The company had a trading volume of 1,930,578 shares, compared to its average volume of 2,823,822. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of -7.92 and a beta of 2.01. The company has a debt-to-equity ratio of 3.54, a current ratio of 2.14 and a quick ratio of 2.07. The firm's 50-day moving average price is $14.05 and its two-hundred day moving average price is $10.51. PureCycle Technologies, Inc. has a 1 year low of $4.50 and a 1 year high of $17.37.

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

Wall Street Analysts Forecast Growth

PCT has been the subject of several research analyst reports. Cantor Fitzgerald restated an "overweight" rating and set a $16.00 price target on shares of PureCycle Technologies in a report on Friday, August 8th. Cowen restated a "buy" rating on shares of PureCycle Technologies in a report on Friday, August 8th. Northland Capmk upgraded PureCycle Technologies to a "strong-buy" rating in a report on Tuesday, August 26th. Northland Securities initiated coverage on shares of PureCycle Technologies in a research report on Wednesday, August 27th. They set an "outperform" rating and a $16.00 target price on the stock. Finally, TD Cowen upgraded shares of PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus 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.