Sylebra Capital LLC Raises Holdings in PureCycle Technologies, Inc. $PCT

Key Points

• Sylebra Capital LLC has increased its holdings in PureCycle Technologies by 1.9%, owning approximately 34 million shares, which represents about 11.9% of its portfolio.
• Institutional investors and hedge funds collectively own 63.01% of PureCycle Technologies, with several firms significantly increasing their stakes in the company during the first quarter.
• Despite having a consensus rating of "Buy" with a target price of $15.00, PureCycle Technologies reported a loss of ($0.35) EPS for the quarter, missing estimates and generating only $1.65 million in revenue.

Sylebra Capital LLC increased its stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,077,574 shares of the company's stock after acquiring an additional 619,925 shares during the quarter. PureCycle Technologies makes up 11.9% of Sylebra Capital LLC's investment portfolio, making the stock its 2nd largest position. Sylebra Capital LLC owned approximately 18.98% of PureCycle Technologies worth $235,817,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of PCT. Integrated Wealth Concepts LLC boosted its holdings in shares of PureCycle Technologies by 4.3% during the first quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company's stock worth $253,000 after purchasing an additional 1,516 shares during the period. Skandinaviska Enskilda Banken AB publ raised its stake in PureCycle Technologies by 11.5% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 17,049 shares of the company's stock valued at $118,000 after buying an additional 1,753 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of PureCycle Technologies by 5.9% during the 1st quarter. Arizona State Retirement System now owns 37,301 shares of the company's stock worth $258,000 after acquiring an additional 2,084 shares during the last quarter. Nwam LLC grew its position in shares of PureCycle Technologies by 11.8% during the 1st quarter. Nwam LLC now owns 21,058 shares of the company's stock valued at $146,000 after acquiring an additional 2,220 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in PureCycle Technologies by 3.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 70,088 shares of the company's stock worth $718,000 after purchasing an additional 2,360 shares during the period. Institutional investors own 63.01% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on PCT. Cowen reaffirmed a "buy" rating on shares of PureCycle Technologies in a report on Friday, August 8th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $16.00 target price on shares of PureCycle Technologies in a report on Friday, August 8th. Northland Securities began coverage on PureCycle Technologies in a report on Wednesday, August 27th. They issued an "outperform" rating and a $16.00 target price on the stock. Wall Street Zen cut shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research note on Monday, July 21st. Finally, Northland Capmk raised shares of PureCycle Technologies to a "strong-buy" rating in a report on Tuesday, August 26th. Two equities research analysts have rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to MarketBeat.com, PureCycle Technologies currently has an average rating of "Buy" and an average price target of $15.00.

PureCycle Technologies Trading Up 0.2%

PCT traded up $0.02 on Friday, hitting $13.33. The company had a trading volume of 602,295 shares, compared to its average volume of 3,011,087. The company has a market cap of $2.40 billion, a PE ratio of -7.88 and a beta of 2.01. PureCycle Technologies, Inc. has a 12-month low of $5.40 and a 12-month high of $17.37. The company has a quick ratio of 2.07, a current ratio of 2.14 and a debt-to-equity ratio of 3.54. The business's fifty day simple moving average is $14.03 and its 200 day simple moving average is $10.60.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.12). The company had revenue of $1.65 million for the quarter, compared to the consensus estimate of $4.10 million. Equities research analysts expect that PureCycle Technologies, Inc. will post -1.01 EPS 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.