LPL Financial LLC Trims Stake in PureCycle Technologies, Inc. $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 holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 21.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 463,286 shares of the company's stock after selling 125,121 shares during the quarter. LPL Financial LLC owned approximately 0.26% of PureCycle Technologies worth $3,206,000 at the end of the most recent reporting period.

Other large 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 1st quarter valued at $25,000. Sterling Capital Management LLC raised its stake in shares of PureCycle Technologies by 775.3% in the fourth quarter. Sterling Capital Management LLC now owns 3,230 shares of the company's stock valued at $33,000 after buying an additional 2,861 shares during the period. CWM LLC raised its stake in shares of PureCycle Technologies by 158.7% in the first quarter. CWM LLC now owns 4,960 shares of the company's stock valued at $34,000 after buying an additional 3,043 shares during the period. KBC Group NV bought a new stake in shares of PureCycle Technologies in the first quarter valued at $41,000. Finally, Kathmere Capital Management LLC bought a new stake in shares of PureCycle Technologies in the first quarter valued at $69,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

PureCycle Technologies Stock Performance

Shares of NASDAQ PCT traded down $0.02 during mid-day trading on Thursday, hitting $12.57. The company had a trading volume of 2,051,831 shares, compared to its average volume of 2,994,054. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of -7.44 and a beta of 1.94. PureCycle Technologies, Inc. has a 1 year low of $4.50 and a 1 year high of $17.37. The company has a current ratio of 2.14, a quick ratio of 2.07 and a debt-to-equity ratio of 3.54. The stock's 50-day moving average price is $13.96 and its 200-day moving average price is $10.15.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced 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 firm had revenue of $1.65 million during the quarter, compared to the consensus estimate of $4.10 million. On average, sell-side analysts forecast that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Cowen restated a "buy" rating on shares of PureCycle Technologies in a research note on Friday, August 8th. TD Cowen upgraded PureCycle Technologies to a "strong-buy" rating in a research note on Monday, June 23rd. Cantor Fitzgerald restated an "overweight" rating and issued a $16.00 target price on shares of PureCycle Technologies in a research note on Friday, August 8th. Finally, Wall Street Zen lowered PureCycle Technologies from a "hold" rating to a "sell" rating in a research note on Monday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $14.67.

About PureCycle Technologies

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.