Monaco Asset Management SAM Takes Position in PureCycle Technologies, Inc. (NASDAQ:PCT)

Key Points

• Monaco Asset Management SAM has acquired 35,000 shares in PureCycle Technologies, Inc., valued at approximately $242,000, during the first quarter as per their recent SEC filing.
• Multiple institutional investors have significantly increased their holdings in PureCycle Technologies, resulting in 63.01% of the company's stock being owned by institutional investors.
• PureCycle Technologies reported a quarterly loss of ($0.27) EPS, missing estimates, and analysts have set a consensus price target of $12.50, with ratings ranging from sell to strong buy.

Monaco Asset Management SAM bought a new position in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 35,000 shares of the company's stock, valued at approximately $242,000.

Other hedge funds have also added to or reduced their stakes in the company. Sterling Capital Management LLC raised its holdings 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 worth $33,000 after buying an additional 2,861 shares during the last quarter. NBC Securities Inc. purchased a new position in PureCycle Technologies in the first quarter valued at $25,000. CWM LLC grew its position 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 purchasing an additional 3,043 shares during the period. KBC Group NV acquired a new stake in shares of PureCycle Technologies in the first quarter valued at about $41,000. Finally, Brown Brothers Harriman & Co. acquired a new stake in shares of PureCycle Technologies in the fourth quarter valued at about $80,000. 63.01% of the stock is currently owned by institutional investors.

PureCycle Technologies Stock Down 5.9%

Shares of NASDAQ:PCT traded down $0.79 during midday trading on Friday, reaching $12.62. The company had a trading volume of 4,412,230 shares, compared to its average volume of 3,451,929. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.55 and a quick ratio of 0.45. The stock's fifty day moving average price is $13.13 and its 200-day moving average price is $9.81. The stock has a market capitalization of $2.27 billion, a P/E ratio of -10.79 and a beta of 1.94. PureCycle Technologies, Inc. has a one year low of $4.50 and a one year high of $17.37.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.02). The company had revenue of $1.58 million for the quarter, compared to analyst estimates of $4.27 million. Equities research analysts expect that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wall Street Zen downgraded 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 reiterated an "overweight" rating and set a $16.00 price target (up previously from $12.00) on shares of PureCycle Technologies in a report on Tuesday, June 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $12.50.

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.