State Street Corp Increases Stake in PureCycle Technologies, Inc. $PCT

Key Points

• State Street increased its PureCycle Technologies stake by 12% in the second quarter, purchasing 355,675 additional shares to own 3.33 million shares, or approximately 1.66% of the company. Institutional investors collectively hold 63.01% of PCT.
• PureCycle director Fernando Musa bought 15,479 shares at an average price of $6.38, increasing his ownership by 9.64%; insiders now own 18.80% of the stock.
• PureCycle faces mixed and challenging fundamentals: analysts have a consensus “Hold” rating with an $11.75 price target, while the company reported a larger-than-expected quarterly loss and missed revenue estimates. Shares opened at $4.86, near the company’s 12-month low of $4.83.

State Street Corp increased its stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 12.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,331,674 shares of the company's stock after purchasing an additional 355,675 shares during the quarter. State Street Corp owned approximately 1.66% of PureCycle Technologies worth $27,020,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PCT. SHP Wealth Management bought a new stake in shares of PureCycle Technologies during the fourth quarter worth about $43,000. Cassaday & Co Wealth Management LLC acquired a new position in PureCycle Technologies in the 1st quarter valued at approximately $33,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of PureCycle Technologies during the second quarter valued at $82,000. Sigma Planning Corp acquired a new position in PureCycle Technologies during the 1st quarter worth about $53,000. Finally, Carnegie Lake Advisors LLC acquired a new stake in shares of PureCycle Technologies in the fourth quarter valued at about $94,000. Institutional investors own 63.01% of the company's stock.

Insider Activity at PureCycle Technologies

In other PureCycle Technologies news, Director Fernando Musa acquired 15,479 shares of the business's stock in a transaction that occurred on Friday, September 4th. The stock was bought at an average cost of $6.38 per share, with a total value of $98,756.02. Following the acquisition, the director owned 175,983 shares in the company, valued at approximately $1,122,771.54. This represents a 9.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 18.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Cantor Fitzgerald dropped their price target on shares of PureCycle Technologies from $14.00 to $12.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. Northland Securities set a $13.00 price target on PureCycle Technologies in a report on Friday, June 12th. Alembic Global Advisors set a $16.00 price objective on PureCycle Technologies in a research report on Tuesday, June 16th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of PureCycle Technologies in a research note on Wednesday, September 2nd. 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 company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $11.75.

PureCycle Technologies Stock Performance

PCT stock opened at $4.86 on Friday. The firm has a market cap of $976.37 million, a PE ratio of -3.33 and a beta of 2.57. The company has a quick ratio of 2.42, a current ratio of 2.60 and a debt-to-equity ratio of 27.37. The business has a 50 day moving average of $6.38 and a 200-day moving average of $7.52. PureCycle Technologies, Inc. has a 12-month low of $4.83 and a 12-month high of $15.49.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.80) earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $6.11 million. As a group, sell-side analysts expect that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current year.

About PureCycle Technologies

PureCycle Technologies, Inc is a chemical recycling company that develops and operates technology designed to convert waste polypropylene plastic into recycled polypropylene resin. Unlike conventional mechanical recycling, which can leave behind colors, odors and other contaminants, PureCycle's proprietary purification process is intended to separate impurities from polypropylene and produce a recycled material with properties similar to virgin resin.

The company's products are recycled polypropylene pellets and related materials that can be used in applications such as packaging, consumer products, automotive components and other molded plastic goods.

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