PureCycle Technologies, Inc. $PCT Shares Sold by National Bank of Canada FI

Key Points

• National Bank of Canada FI significantly reduced its stake in PureCycle Technologies by 70.2%, selling 43,801 shares during the first quarter.
• Several institutional investors, including Envestnet Asset Management and Raymond James Financial, increased their holdings in PureCycle Technologies during the same period.
• Despite analysts giving the stock a "Moderate Buy" rating, PureCycle Technologies reported a quarterly loss, missing earnings expectations and revenue targets.

National Bank of Canada FI reduced its position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 70.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,574 shares of the company's stock after selling 43,801 shares during the period. National Bank of Canada FI's holdings in PureCycle Technologies were worth $129,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Sterling Capital Management LLC grew its stake in PureCycle Technologies by 775.3% in the 4th quarter. Sterling Capital Management LLC now owns 3,230 shares of the company's stock valued at $33,000 after buying an additional 2,861 shares in the last quarter. NBC Securities Inc. purchased a new position in PureCycle Technologies in the 1st quarter worth approximately $25,000. CWM LLC grew its stake in PureCycle Technologies by 158.7% in the 1st quarter. CWM LLC now owns 4,960 shares of the company's stock worth $34,000 after buying an additional 3,043 shares in the last quarter. KBC Group NV purchased a new position in PureCycle Technologies in the 1st quarter worth approximately $41,000. Finally, Kathmere Capital Management LLC purchased a new position in PureCycle Technologies in the 1st quarter worth approximately $69,000. 63.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Cantor Fitzgerald reiterated an "overweight" rating and set a $16.00 price target on shares of PureCycle Technologies in a report on Friday, August 8th. Wall Street Zen lowered shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a report on Monday, July 21st. TD Cowen upgraded shares of PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. Finally, Cowen reaffirmed a "buy" rating on shares of PureCycle Technologies in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. According to MarketBeat, PureCycle Technologies currently has a consensus rating of "Buy" and a consensus target price of $14.67.

PureCycle Technologies Stock Performance

Shares of NASDAQ PCT traded up $0.45 during trading on Friday, reaching $13.02. 1,383,584 shares of the company traded hands, compared to its average volume of 3,071,353. The firm has a 50 day simple moving average of $13.96 and a 200-day simple moving average of $10.15. PureCycle Technologies, Inc. has a 52-week low of $4.50 and a 52-week 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 stock has a market capitalization of $2.34 billion, a PE ratio of -7.69 and a beta of 1.94.

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