Platform Technology Partners Boosts Stake in PureCycle Technologies, Inc. (NASDAQ:PCT)

Platform Technology Partners boosted its position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 52.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 125,822 shares of the company's stock after acquiring an additional 43,163 shares during the period. Platform Technology Partners owned 0.07% of PureCycle Technologies worth $871,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of PCT. NBC Securities Inc. purchased a new stake in PureCycle Technologies during the 1st quarter valued at about $25,000. Jones Financial Companies Lllp lifted its stake in shares of PureCycle Technologies by 286.0% in the 4th quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company's stock worth $32,000 after purchasing an additional 2,291 shares during the period. Sterling Capital Management LLC lifted its stake in shares of PureCycle Technologies by 775.3% in the 4th quarter. Sterling Capital Management LLC now owns 3,230 shares of the company's stock worth $33,000 after purchasing an additional 2,861 shares during the period. US Bancorp DE lifted its stake in shares of PureCycle Technologies by 141.5% in the 4th quarter. US Bancorp DE now owns 3,446 shares of the company's stock worth $35,000 after purchasing an additional 2,019 shares during the period. Finally, KBC Group NV bought a new position in shares of PureCycle Technologies in the 1st quarter worth approximately $41,000. Hedge funds and other institutional investors own 63.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Wall Street Zen raised shares of PureCycle Technologies from a "sell" rating to a "hold" rating in a report on Sunday. TD Cowen raised shares of PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $16.00 price objective (up from $12.00) on shares of PureCycle Technologies in a research note on Tuesday, June 24th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, PureCycle Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $12.50.

PureCycle Technologies Price Performance

NASDAQ PCT traded down $0.61 during mid-day trading on Tuesday, hitting $15.08. The stock had a trading volume of 3,456,990 shares, compared to its average volume of 2,798,429. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.55 and a quick ratio of 0.45. The firm's 50 day moving average is $11.24 and its 200 day moving average is $9.33. The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of -12.89 and a beta of 1.90. PureCycle Technologies, Inc. has a twelve month low of $4.50 and a twelve month high of $15.98.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.27) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.02). The firm had revenue of $1.58 million during the quarter, compared to analyst estimates of $4.27 million. Equities research analysts forecast that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

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.