LPL Financial LLC Reduces Stock Position in PureCycle Technologies, Inc. (NASDAQ:PCT)

Key Points

• LPL Financial LLC has reduced its stake in PureCycle Technologies, Inc. by 21.3%, selling 125,121 shares to hold approximately 463,286 shares worth $3.2 million.
• The company recently reported a loss of ($0.35) EPS for the quarter, missing analysts' expectations, with revenue of $1.65 million compared to an anticipated $4.10 million.
• PureCycle Technologies' stock has seen significant volatility, with a 52-week low of $4.50 and a high of $17.37, while currently trading at $13.30.

LPL Financial LLC cut its stake in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 21.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 463,286 shares of the company's stock after selling 125,121 shares during the period. LPL Financial LLC owned approximately 0.26% of PureCycle Technologies worth $3,206,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. NBC Securities Inc. acquired a new stake in shares of PureCycle Technologies in the first quarter valued at approximately $25,000. Sterling Capital Management LLC boosted its position in PureCycle Technologies by 775.3% during the fourth quarter. Sterling Capital Management LLC now owns 3,230 shares of the company's stock worth $33,000 after acquiring an additional 2,861 shares during the last quarter. CWM LLC boosted its position in 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 acquiring an additional 3,043 shares during the last quarter. KBC Group NV acquired a new stake in PureCycle Technologies during the first quarter worth approximately $41,000. Finally, Kathmere Capital Management LLC acquired a new stake in PureCycle Technologies during the first quarter worth approximately $69,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

PureCycle Technologies Stock Performance

Shares of PCT stock opened at $13.30 on Friday. The company's fifty day simple moving average is $13.85 and its 200-day simple moving average is $10.07. PureCycle Technologies, Inc. has a 52 week low of $4.50 and a 52 week high of $17.37. The company has a current ratio of 2.14, a quick ratio of 0.45 and a debt-to-equity ratio of 3.54. The company has a market cap of $2.40 billion, a PE ratio of -7.87 and a beta of 1.94.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued 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 for the quarter, compared to analyst estimates of $4.10 million. As a group, equities research analysts anticipate that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PCT. Wall Street Zen lowered shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research report on Monday, July 21st. Cantor Fitzgerald restated an "overweight" rating and set a $16.00 target price on shares of PureCycle Technologies in a research report on Friday, August 8th. TD Cowen upgraded shares of PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. Finally, Cowen restated a "buy" rating on shares of PureCycle Technologies in a research report on Friday, August 8th. One analyst has rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, PureCycle Technologies currently has an average rating of "Moderate Buy" and an average price target of $14.67.

PureCycle Technologies 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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