NewEdge Advisors LLC Increases Stake in PureCycle Technologies, Inc. $PCT

Key Points

• NewEdge Advisors increased its PureCycle Technologies stake by 600.9% in the second quarter, adding 1,017,488 shares to own 1,186,811 shares, or 0.59% of the company. Institutional investors collectively own 63.01% of PCT.
• Analyst sentiment is mixed, with ratings spanning Buy, Hold and Sell. The stock has an average rating of “Hold” and an average price target of $11.75, while Cantor Fitzgerald recently lowered its target to $12 from $14.
• PureCycle reported weaker-than-expected quarterly results, posting an adjusted loss of $0.80 per share versus a $0.29 consensus estimate and revenue of $4.51 million versus $6.11 million expected. Director Fernando Musa nevertheless purchased 15,479 shares, and insiders own 18.80% of the company.

NewEdge Advisors LLC raised its position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 600.9% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,186,811 shares of the company's stock after purchasing an additional 1,017,488 shares during the quarter. NewEdge Advisors LLC owned 0.59% of PureCycle Technologies worth $9,625,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Integrated Wealth Concepts LLC grew its holdings in shares of PureCycle Technologies by 4.3% during the first quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company's stock valued at $253,000 after buying an additional 1,516 shares during the last quarter. ProShare Advisors LLC raised its holdings in PureCycle Technologies by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 23,738 shares of the company's stock worth $204,000 after acquiring an additional 1,526 shares during the last quarter. Lido Advisors LLC raised its holdings in PureCycle Technologies by 5.0% in the 3rd quarter. Lido Advisors LLC now owns 32,824 shares of the company's stock worth $432,000 after acquiring an additional 1,574 shares during the last quarter. Cetera Investment Advisers lifted its position in PureCycle Technologies by 1.7% in the 1st quarter. Cetera Investment Advisers now owns 110,643 shares of the company's stock valued at $574,000 after acquiring an additional 1,823 shares in the last quarter. Finally, Sequoia Financial Advisors LLC lifted its position in PureCycle Technologies by 17.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 13,451 shares of the company's stock valued at $70,000 after acquiring an additional 2,016 shares in the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the company. Alembic Global Advisors set a $16.00 target price on PureCycle Technologies in a report on Tuesday, June 16th. Northland Securities set a $13.00 price target on PureCycle Technologies in a report on Friday, June 12th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of PureCycle Technologies in a research report on Wednesday, September 2nd. Finally, Cantor Fitzgerald reduced their price objective on PureCycle Technologies from $14.00 to $12.00 and set an "overweight" rating for the company in a report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $11.75.

Insider Activity

In other PureCycle Technologies news, Director Fernando Musa bought 15,479 shares of the business's stock in a transaction that occurred on Friday, September 4th. The stock was bought at an average cost of $6.38 per share, for a total transaction of $98,756.02. Following the completion of the transaction, the director owned 175,983 shares of the company's stock, valued at $1,122,771.54. This represents a 9.64% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 18.80% of the company's stock.

PureCycle Technologies Stock Up 3.3%

PCT stock opened at $6.02 on Friday. PureCycle Technologies, Inc. has a fifty-two week low of $4.93 and a fifty-two week high of $15.49. The business's 50-day moving average is $6.66 and its two-hundred day moving average is $7.61. The company has a debt-to-equity ratio of 27.37, a quick ratio of 2.42 and a current ratio of 2.60. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -4.12 and a beta of 2.57.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.51). PureCycle Technologies had a negative net margin of 1,618.84% and a negative return on equity of 612.39%. The firm had revenue of $4.51 million for the quarter, compared to the consensus estimate of $6.11 million. As a group, analysts forecast that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current year.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc is a chemical recycling company that develops and operates technology designed to convert waste polypropylene plastic into recycled polypropylene resin. Unlike conventional mechanical recycling, which can leave behind colors, odors and other contaminants, PureCycle's proprietary purification process is intended to separate impurities from polypropylene and produce a recycled material with properties similar to virgin resin.

The company's products are recycled polypropylene pellets and related materials that can be used in applications such as packaging, consumer products, automotive components and other molded plastic goods.

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