Optimize Financial Inc Sells 33,544 Shares of PureCycle Technologies, Inc. $PCT

Key Points

• Optimize Financial Inc has reduced its stake in PureCycle Technologies by 66.4%, owning 16,947 shares valued at $117,000 as of the latest reporting period.
• Several institutional investors have increased their positions in PureCycle, with Duquesne Family Office LLC raising its stake by 111.3% and owning shares worth $23.3 million after acquiring additional shares.
• The company recently reported a quarterly loss of ($0.35) per share, missing analyst estimates, with total revenue of $1.65 million compared to the expected $4.10 million.

Optimize Financial Inc trimmed its holdings in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 66.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,947 shares of the company's stock after selling 33,544 shares during the quarter. Optimize Financial Inc's holdings in PureCycle Technologies were worth $117,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. NBC Securities Inc. acquired a new position in PureCycle Technologies during the 1st quarter worth approximately $25,000. CWM LLC raised its stake in PureCycle Technologies by 158.7% during the 1st quarter. CWM LLC now owns 4,960 shares of the company's stock worth $34,000 after buying an additional 3,043 shares during the period. KBC Group NV acquired a new position in PureCycle Technologies during the 1st quarter worth approximately $41,000. Kathmere Capital Management LLC bought a new stake in PureCycle Technologies during the 1st quarter worth approximately $69,000. Finally, LJI Wealth Management LLC bought a new stake in PureCycle Technologies during the 1st quarter worth approximately $86,000. 63.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Northland Securities assumed coverage on PureCycle Technologies in a report on Wednesday, August 27th. They set an "outperform" rating and a $16.00 price objective for the company. Cowen reissued a "buy" rating on shares of PureCycle Technologies in a report on Friday, August 8th. Cantor Fitzgerald reissued an "overweight" rating and set a $16.00 price objective on shares of PureCycle Technologies in a report on Friday, August 8th. Northland Capmk raised PureCycle Technologies to a "strong-buy" rating in a report on Tuesday, August 26th. Finally, Wall Street Zen lowered PureCycle Technologies from a "hold" rating to a "sell" rating in a report on Monday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $15.00.

PureCycle Technologies Stock Performance

Shares of NASDAQ:PCT traded up $0.11 during trading on Monday, hitting $13.41. 607,440 shares of the company were exchanged, compared to its average volume of 3,000,759. The company has a market cap of $2.42 billion, a PE ratio of -7.93 and a beta of 2.01. The stock has a 50 day moving average of $14.03 and a 200 day moving average of $10.64. PureCycle Technologies, Inc. has a 52-week low of $5.40 and a 52-week high of $17.37. The company has a debt-to-equity ratio of 3.54, a current ratio of 2.14 and a quick ratio of 2.07.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $1.65 million during the quarter, compared to the consensus estimate of $4.10 million. As a group, equities research analysts predict that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

PureCycle Technologies Company 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.