PureCycle Technologies, Inc. (NASDAQ:PCT) Position Increased 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. increased its position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 123.4% 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 68,759 shares of the company's stock after acquiring an additional 37,985 shares during the period. Envestnet Asset Management Inc.'s holdings in PureCycle Technologies were worth $476,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Huntleigh Advisors Inc. purchased a new stake in shares of PureCycle Technologies during the first quarter worth $4,844,000. Teacher Retirement System of Texas purchased a new stake in shares of PureCycle Technologies during the first quarter worth $131,000. Koshinski Asset Management Inc. acquired a new position in PureCycle Technologies during the first quarter worth $89,000. KBC Group NV acquired a new position in PureCycle Technologies during the first quarter worth $41,000. Finally, Keudell Morrison Wealth Management increased its position in PureCycle Technologies by 78.0% during the first quarter. Keudell Morrison Wealth Management now owns 20,385 shares of the company's stock worth $141,000 after buying an additional 8,930 shares during the last quarter. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on PCT. Wall Street Zen downgraded shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research report on Monday, July 21st. Cantor Fitzgerald reissued an "overweight" rating and set a $16.00 target price (up from $12.00) on shares of PureCycle Technologies in a research report on Tuesday, June 24th. Finally, TD Cowen raised shares of PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $12.50.

PureCycle Technologies Trading Down 0.3%

Shares of NASDAQ:PCT opened at $13.24 on Wednesday. The company has a market cap of $2.38 billion, a P/E ratio of -11.32 and a beta of 1.94. The stock's 50-day moving average is $13.33 and its 200-day moving average is $9.88. PureCycle Technologies, Inc. has a 52-week low of $4.50 and a 52-week high of $17.37. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.45 and a current ratio of 0.55.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $1.58 million during the quarter, compared to the consensus estimate of $4.27 million. Equities research analysts predict that PureCycle Technologies, Inc. will post -1.01 earnings per share 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.

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