Polar Asset Management Partners Inc. Invests $3.29 Million in PureCycle Technologies, Inc. (NASDAQ:PCT)

Polar Asset Management Partners Inc. purchased a new position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 321,000 shares of the company's stock, valued at approximately $3,290,000. Polar Asset Management Partners Inc. owned 0.18% of PureCycle Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of PureCycle Technologies by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 14,100,507 shares of the company's stock valued at $144,530,000 after acquiring an additional 758,382 shares during the last quarter. Gladstone Institutional Advisory LLC raised its stake in PureCycle Technologies by 3.7% during the fourth quarter. Gladstone Institutional Advisory LLC now owns 3,462,652 shares of the company's stock valued at $35,492,000 after buying an additional 122,700 shares during the last quarter. Geode Capital Management LLC raised its holdings in PureCycle Technologies by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 3,185,348 shares of the company's stock worth $32,658,000 after acquiring an additional 60,903 shares during the last quarter. Duquesne Family Office LLC purchased a new stake in shares of PureCycle Technologies during the 4th quarter valued at about $16,323,000. Finally, T. Rowe Price Investment Management Inc. purchased a new stake in PureCycle Technologies during the fourth quarter valued at $13,859,000. 63.01% of the stock is owned by institutional investors.

PureCycle Technologies Trading Down 3.4%

Shares of NASDAQ:PCT traded down $0.33 during mid-day trading on Friday, reaching $9.42. 2,873,968 shares of the company were exchanged, compared to its average volume of 2,484,331. PureCycle Technologies, Inc. has a 1 year low of $4.50 and a 1 year high of $15.58. The firm's 50-day simple moving average is $7.31 and its 200 day simple moving average is $9.17. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of -6.28 and a beta of 1.68.

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

Analysts Set New Price Targets

Separately, TD Cowen cut their price target on PureCycle Technologies from $15.00 to $13.00 and set a "buy" rating for the company in a report on Thursday, May 8th.

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.