PureCycle Technologies, Inc. (NASDAQ:PCT) Shares Acquired by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management Inc. increased its position in PureCycle Technologies by 123.4%, owning 68,759 shares valued at approximately $476,000 after acquiring additional shares in the first quarter.
• Several hedge funds and institutional investors modified their stakes in the company, with a total of 63.01% of the stock now owned by these entities.
• Wall Street analysts have mixed views on PureCycle Technologies; while one firm downgraded the stock to a "sell," Cantor Fitzgerald raised its target price to $16.00 and TD Cowen changed its rating to "strong-buy."

Envestnet Asset Management Inc. raised its stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 123.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,759 shares of the company's stock after purchasing an additional 37,985 shares during the period. Envestnet Asset Management Inc.'s holdings in PureCycle Technologies were worth $476,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PCT. Vanguard Group Inc. lifted its stake in shares of PureCycle Technologies by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 14,100,507 shares of the company's stock worth $144,530,000 after buying an additional 758,382 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of PureCycle Technologies by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 3,185,348 shares of the company's stock worth $32,658,000 after buying an additional 60,903 shares in the last quarter. Duquesne Family Office LLC purchased a new position in shares of PureCycle Technologies in the fourth quarter worth about $16,323,000. T. Rowe Price Investment Management Inc. purchased a new position in shares of PureCycle Technologies in the fourth quarter worth about $13,859,000. Finally, Northern Trust Corp lifted its stake in shares of PureCycle Technologies by 7.5% in the fourth quarter. Northern Trust Corp now owns 1,240,393 shares of the company's stock worth $12,714,000 after buying an additional 86,233 shares in the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PCT shares. Wall Street Zen downgraded shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research note on Monday, July 21st. Cowen reaffirmed a "buy" rating on shares of PureCycle Technologies in a research note on Friday. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $16.00 target price on shares of PureCycle Technologies in a research note on Friday. Finally, TD Cowen raised shares of PureCycle Technologies to a "strong-buy" rating in a research note on Monday, June 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, PureCycle Technologies has an average rating of "Moderate Buy" and a consensus target price of $12.50.

PureCycle Technologies Stock Performance

PCT stock remained flat at $12.35 during trading on Friday. 7,446,795 shares of the company's stock were exchanged, compared to its average volume of 3,265,196. PureCycle Technologies, Inc. has a one year low of $4.50 and a one year high of $17.37. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of -7.31 and a beta of 1.94. The stock has a 50-day simple moving average of $13.50 and a 200 day simple moving average of $9.94. The company has a quick ratio of 0.45, a current ratio of 0.55 and a debt-to-equity ratio of 1.43.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $1.65 million for the quarter, compared to analyst estimates of $4.10 million. On average, research analysts anticipate that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

About PureCycle Technologies

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.