35,000 Shares in PureCycle Technologies, Inc. (NASDAQ:PCT) Acquired by Monaco Asset Management SAM

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 acquired a new position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 35,000 shares of the company's stock, valued at approximately $242,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in PCT. Maridea Wealth Management LLC increased its holdings in PureCycle Technologies by 40.5% in the 1st quarter. Maridea Wealth Management LLC now owns 147,972 shares of the company's stock worth $1,024,000 after acquiring an additional 42,620 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in PureCycle Technologies by 24.6% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,673 shares of the company's stock worth $164,000 after acquiring an additional 4,676 shares in the last quarter. TD Asset Management Inc purchased a new stake in PureCycle Technologies in the 1st quarter worth $208,000. Skandinaviska Enskilda Banken AB publ increased its holdings in PureCycle Technologies by 11.5% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 17,049 shares of the company's stock worth $118,000 after acquiring an additional 1,753 shares in the last quarter. Finally, Miller Financial Services LLC increased its holdings in PureCycle Technologies by 87.0% in the 1st quarter. Miller Financial Services LLC now owns 25,060 shares of the company's stock worth $173,000 after acquiring an additional 11,660 shares in the last quarter. Institutional investors and hedge funds own 63.01% of the company's stock.

Analysts Set New Price Targets

PCT has been the topic of several recent research reports. Wall Street Zen cut shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research note on Monday, July 21st. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $16.00 target price (up previously from $12.00) on shares of PureCycle Technologies in a research note on Tuesday, June 24th. Finally, TD Cowen raised shares of PureCycle Technologies to a "strong-buy" rating in a research note on Monday, June 23rd. One analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, PureCycle Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $12.50.

PureCycle Technologies Trading Down 5.9%

Shares of PCT stock traded down $0.79 on Friday, hitting $12.62. 4,412,230 shares of the stock traded hands, compared to its average volume of 3,451,929. The firm's 50-day moving average price is $13.20 and its two-hundred day moving average price is $9.83. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.45 and a current ratio of 0.55. The stock has a market capitalization of $2.27 billion, a PE ratio of -10.79 and a beta of 1.94. PureCycle Technologies, Inc. has a twelve month low of $4.50 and a twelve month high of $17.37.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.27) earnings per share (EPS) 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 analysts' expectations of $4.27 million. As a group, analysts anticipate that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

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.