Renaissance Technologies LLC Sells 254,800 Shares of PureCycle Technologies, Inc. $PCT

Key Points

• Renaissance Technologies cut its PureCycle Technologies stake by 63.6% in the first quarter, selling 254,800 shares and retaining 145,800 shares worth approximately $757,000. Institutional investors collectively own 63.01% of PCT.
• PureCycle reported a quarterly loss of $0.80 per share, missing estimates by $0.51, while revenue of $4.51 million also fell short of the $6.11 million consensus forecast.
• PCT opened at $6.95, compared with an analyst consensus price target of $11.75. Ratings remain mixed, though MarketBeat classifies the stock as a “Moderate Buy.”

Renaissance Technologies LLC trimmed its position in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 63.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 145,800 shares of the company's stock after selling 254,800 shares during the quarter. Renaissance Technologies LLC owned 0.08% of PureCycle Technologies worth $757,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of PCT. Focused Wealth Management Inc grew its position in shares of PureCycle Technologies by 7.1% in the 4th quarter. Focused Wealth Management Inc now owns 15,005 shares of the company's stock worth $129,000 after buying an additional 1,000 shares during the last quarter. Integrated Wealth Concepts LLC raised 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 valued at $253,000 after acquiring an additional 1,516 shares in the last quarter. ProShare Advisors LLC lifted its stake in PureCycle Technologies by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 23,738 shares of the company's stock worth $204,000 after acquiring an additional 1,526 shares during the period. Lido Advisors LLC boosted its holdings in PureCycle Technologies by 5.0% in the third quarter. Lido Advisors LLC now owns 32,824 shares of the company's stock valued at $432,000 after acquiring an additional 1,574 shares in the last quarter. Finally, Cetera Investment Advisers increased its position in PureCycle Technologies by 1.7% during the 1st quarter. Cetera Investment Advisers now owns 110,643 shares of the company's stock valued at $574,000 after purchasing an additional 1,823 shares during the period. Institutional investors own 63.01% of the company's stock.

PureCycle Technologies Stock Performance

PCT stock opened at $6.95 on Friday. The stock has a market capitalization of $1.40 billion, a PE ratio of -4.76 and a beta of 2.57. PureCycle Technologies, Inc. has a 12-month low of $4.93 and a 12-month high of $15.49. The company has a current ratio of 2.60, a quick ratio of 2.42 and a debt-to-equity ratio of 27.37. The stock's 50 day simple moving average is $7.50 and its 200 day simple moving average is $8.04.

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

Analysts Set New Price Targets

Several research analysts have commented on PCT shares. Alembic Global Advisors set a $16.00 price objective on shares of PureCycle Technologies in a report on Tuesday, June 16th. Northland Securities set a $13.00 price target on shares of PureCycle Technologies in a research note on Friday, June 12th. Wall Street Zen cut PureCycle Technologies from a "sell" rating to a "strong sell" rating in a research report on Sunday, May 10th. Weiss Ratings reiterated a "sell (e+)" rating on shares of PureCycle Technologies in a report on Friday, June 5th. Finally, Cantor Fitzgerald reduced their target price on PureCycle Technologies from $14.00 to $12.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $11.75.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra‐pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.

Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.

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