Optimize Financial Inc Decreases Stake in 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 position in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 66.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PCT. NBC Securities Inc. purchased a new stake in shares of PureCycle Technologies in the first quarter worth about $25,000. CWM LLC raised its holdings in shares of PureCycle Technologies by 158.7% in the 1st quarter. CWM LLC now owns 4,960 shares of the company's stock valued at $34,000 after acquiring an additional 3,043 shares in the last quarter. KBC Group NV purchased a new stake in shares of PureCycle Technologies in the 1st quarter valued at about $41,000. Kathmere Capital Management LLC purchased a new stake in shares of PureCycle Technologies in the 1st quarter valued at about $69,000. Finally, LJI Wealth Management LLC purchased a new stake in shares of PureCycle Technologies in the 1st quarter valued at about $86,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

PureCycle Technologies Price Performance

Shares of NASDAQ PCT traded down $0.01 during trading hours on Friday, reaching $13.30. 1,172,412 shares of the stock traded hands, compared to its average volume of 2,307,735. The company has a market capitalization of $2.40 billion, a P/E ratio of -7.87 and a beta of 2.01. The company has a quick ratio of 2.07, a current ratio of 2.14 and a debt-to-equity ratio of 3.54. PureCycle Technologies, Inc. has a 52-week low of $5.40 and a 52-week high of $17.37. The company's 50-day simple moving average is $14.03 and its two-hundred day simple moving average is $10.63.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.35) earnings per share 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. Equities research analysts forecast that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PCT. Northland Capmk raised PureCycle Technologies to a "strong-buy" rating in a report on Tuesday, August 26th. Wall Street Zen cut PureCycle Technologies from a "hold" rating to a "sell" rating in a report on Monday, July 21st. TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. Cowen reaffirmed a "buy" rating on shares of PureCycle Technologies in a report on Friday, August 8th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $16.00 price target on shares of PureCycle Technologies in a report on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the company. Based on data from MarketBeat.com, PureCycle Technologies 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.