Nuveen LLC Takes Position in PureCycle Technologies, Inc. $PCT

Key Points

• Nuveen LLC acquired 333,197 shares of PureCycle Technologies valued at approximately $2.3 million, representing 0.19% ownership of the company.
• Analysts have a consensus price target of $15.00 for PureCycle Technologies, with ratings including two "Strong Buy" and four "Buy" recommendations.
• The company reported a loss of $0.35 EPS in its most recent quarterly earnings, missing the consensus estimate of a $0.23 loss, with revenue significantly below expectations at $1.65 million.

Nuveen LLC bought a new position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 333,197 shares of the company's stock, valued at approximately $2,306,000. Nuveen LLC owned 0.19% of PureCycle Technologies at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Deutsche Bank AG increased its position in shares of PureCycle Technologies by 36.4% during the fourth quarter. Deutsche Bank AG now owns 111,525 shares of the company's stock valued at $1,143,000 after buying an additional 29,782 shares during the period. Cetera Investment Advisers grew its position in PureCycle Technologies by 22.6% during the 4th quarter. Cetera Investment Advisers now owns 60,988 shares of the company's stock valued at $625,000 after purchasing an additional 11,261 shares during the last quarter. California State Teachers Retirement System grew its position in PureCycle Technologies by 3.8% during the 4th quarter. California State Teachers Retirement System now owns 113,708 shares of the company's stock valued at $1,166,000 after purchasing an additional 4,170 shares during the last quarter. Huntleigh Advisors Inc. purchased a new stake in PureCycle Technologies during the 1st quarter valued at about $4,844,000. Finally, Envestnet Asset Management Inc. purchased a new position in PureCycle Technologies in the 4th quarter worth about $315,000. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

PureCycle Technologies Price Performance

NASDAQ:PCT traded down $0.34 during trading hours on Monday, hitting $14.29. 2,247,660 shares of the stock traded hands, compared to its average volume of 2,996,659. PureCycle Technologies, Inc. has a 1 year low of $4.50 and a 1 year high of $17.37. The company has a quick ratio of 2.07, a current ratio of 2.14 and a debt-to-equity ratio of 3.54. The company has a market cap of $2.57 billion, a price-to-earnings ratio of -8.46 and a beta of 2.01. The stock has a 50 day moving average price of $14.09 and a 200 day moving average price of $10.43.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.12). The business had revenue of $1.65 million during the quarter, compared to analyst estimates of $4.10 million. Sell-side analysts forecast that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PCT has been the subject of a number of recent analyst reports. Wall Street Zen lowered PureCycle Technologies from a "hold" rating to a "sell" rating in a research report on Monday, July 21st. Cowen reissued a "buy" rating on shares of PureCycle Technologies in a research report on Friday, August 8th. TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. Cantor Fitzgerald reissued an "overweight" rating and issued a $16.00 target price on shares of PureCycle Technologies in a research report on Friday, August 8th. Finally, Northland Securities initiated coverage on PureCycle Technologies in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $16.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $15.00.

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.