PureCycle Technologies, Inc. $PCT Holdings Reduced by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP cut its PureCycle Technologies stake by 84.6% in the second quarter, selling 274,496 shares and retaining 50,125 shares valued at approximately $407,000.
• PureCycle reported weaker-than-expected quarterly results, with an EPS loss of $0.80 versus the $0.29 consensus estimate and revenue of $4.51 million compared with $6.11 million expected. The company continues to post sharply negative profitability metrics.
• Shares opened at $4.39, near the 52-week low of $4.22, while analysts maintain a consensus “Hold” rating with an average price target of $11.75; meanwhile, director Fernando Musa increased his stake by 9.64% through an open-market purchase.

Corient Private Wealth LP lowered its holdings in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 84.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,125 shares of the company's stock after selling 274,496 shares during the quarter. Corient Private Wealth LP's holdings in PureCycle Technologies were worth $407,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of PCT. Cassaday & Co Wealth Management LLC purchased a new stake in PureCycle Technologies in the first quarter worth approximately $33,000. SHP Wealth Management purchased a new stake in PureCycle Technologies during the 4th quarter valued at $43,000. Sigma Planning Corp purchased a new stake in PureCycle Technologies during the 1st quarter valued at $53,000. Turtle Creek Wealth Advisors LLC purchased a new stake in PureCycle Technologies during the 1st quarter valued at $63,000. Finally, Sequoia Financial Advisors LLC boosted its stake in shares of PureCycle Technologies by 17.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 13,451 shares of the company's stock worth $70,000 after buying an additional 2,016 shares during the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.

PureCycle Technologies Stock Performance

Shares of NASDAQ:PCT opened at $4.39 on Friday. The firm has a fifty day simple moving average of $6.19 and a two-hundred day simple moving average of $7.45. The company has a quick ratio of 2.42, a current ratio of 2.60 and a debt-to-equity ratio of 27.37. PureCycle Technologies, Inc. has a 52 week low of $4.22 and a 52 week high of $15.49. The stock has a market capitalization of $881.95 million, a P/E ratio of -3.01 and a beta of 2.63.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.51). The business had revenue of $4.51 million for the quarter, compared to analysts' expectations of $6.11 million. PureCycle Technologies had a negative net margin of 1,618.84% and a negative return on equity of 612.39%. On average, analysts expect that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PCT shares. Northland Securities set a $13.00 price target on PureCycle Technologies in a research note on Friday, June 12th. Alembic Global Advisors set a $16.00 price objective on shares of PureCycle Technologies in a research note on Tuesday, June 16th. Weiss Ratings reissued a "sell (e+)" rating on shares of PureCycle Technologies in a report on Wednesday, September 2nd. Finally, Cantor Fitzgerald cut their target price on shares of PureCycle Technologies from $14.00 to $12.00 and set an "overweight" rating for the company in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, PureCycle Technologies currently has a consensus rating of "Hold" and an average price target of $11.75.

Insiders Place Their Bets

In related news, Director Fernando Musa acquired 15,479 shares of the firm's stock in a transaction that occurred on Friday, September 4th. The stock was bought at an average price of $6.38 per share, for a total transaction of $98,756.02. Following the acquisition, the director directly owned 175,983 shares of the company's stock, valued at $1,122,771.54. This represents a 9.64% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 18.80% of the stock is owned by insiders.

PureCycle Technologies Profile

PureCycle Technologies, Inc is a recycling technology company that develops and operates facilities designed to convert waste polypropylene (PP) plastic into recycled resin. Its process is intended to remove colors, odors and other contaminants from used polypropylene, producing a material with properties comparable to virgin polypropylene.

The company's primary product is PureFive™ recycled polypropylene, which can be used in applications such as packaging, consumer products, automotive components and other plastic goods.

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