PureCycle Technologies, Inc. $PCT Shares Acquired by Sylebra Capital LLC

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

Several other institutional investors and hedge funds have also bought and sold shares of the business. Samlyn Capital LLC lifted its stake in PureCycle Technologies by 19.1% during the 1st quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company's stock valued at $43,057,000 after acquiring an additional 997,337 shares during the period. Millennium Management LLC acquired a new position in shares of PureCycle Technologies in the 1st quarter valued at $3,770,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of PureCycle Technologies by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,249 shares of the company's stock valued at $507,000 after purchasing an additional 3,161 shares during the period. Integrated Wealth Concepts LLC lifted its stake in shares of PureCycle Technologies by 4.3% in the 1st quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company's stock valued at $253,000 after purchasing an additional 1,516 shares during the period. Finally, Duquesne Family Office LLC lifted its stake in shares of PureCycle Technologies by 111.3% in the 1st quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company's stock valued at $23,285,000 after purchasing an additional 1,772,342 shares during the period. 63.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PCT has been the subject of several analyst reports. Wall Street Zen cut shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research note on Monday, July 21st. Cantor Fitzgerald reiterated an "overweight" rating and issued a $16.00 target price on shares of PureCycle Technologies in a research note on Friday, August 8th. TD Cowen upgraded shares of PureCycle Technologies to a "strong-buy" rating in a research note on Monday, June 23rd. Northland Securities initiated coverage on shares of PureCycle Technologies in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $16.00 target price for the company. Finally, Cowen reiterated a "buy" rating on shares of PureCycle Technologies in a research note on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $15.00.

PureCycle Technologies Price Performance

PureCycle Technologies stock opened at $13.39 on Friday. PureCycle Technologies, Inc. has a 52-week low of $4.50 and a 52-week high of $17.37. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of -7.92 and a beta of 2.01. The company has a fifty day simple moving average of $14.05 and a 200-day simple moving average of $10.51. The company has a quick ratio of 2.07, a current ratio of 2.14 and a debt-to-equity ratio of 3.54.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.12). The firm had revenue of $1.65 million for the quarter, compared to analyst estimates of $4.10 million. On average, equities analysts anticipate that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal 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.

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