Teacher Retirement System of Texas Takes Position in PureCycle Technologies, Inc. (NASDAQ:PCT)

Teacher Retirement System of Texas acquired a new stake in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 18,948 shares of the company's stock, valued at approximately $131,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. NBC Securities Inc. acquired a new stake in PureCycle Technologies during the 1st quarter worth $25,000. Sterling Capital Management LLC raised its stake in PureCycle Technologies by 775.3% during the 4th quarter. Sterling Capital Management LLC now owns 3,230 shares of the company's stock worth $33,000 after acquiring an additional 2,861 shares in the last quarter. KBC Group NV purchased a new position in PureCycle Technologies during the 1st quarter worth $41,000. Brown Brothers Harriman & Co. purchased a new position in PureCycle Technologies during the 4th quarter worth $80,000. Finally, GAMMA Investing LLC grew its position in PureCycle Technologies by 1,693.0% during the 1st quarter. GAMMA Investing LLC now owns 12,587 shares of the company's stock worth $87,000 after purchasing an additional 11,885 shares during the last quarter. 63.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Cantor Fitzgerald reissued an "overweight" rating and set a $16.00 price objective (up from $12.00) on shares of PureCycle Technologies in a research report on Tuesday, June 24th. TD Cowen raised shares of PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. Finally, Wall Street Zen downgraded shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research report on Monday. One research analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $12.50.

PureCycle Technologies Stock Performance

Shares of NASDAQ:PCT traded down $0.31 during midday trading on Thursday, hitting $15.58. The stock had a trading volume of 2,462,729 shares, compared to its average volume of 3,852,499. The company has a market capitalization of $2.80 billion, a PE ratio of -13.32 and a beta of 1.90. The stock has a 50 day moving average price of $12.59 and a two-hundred day moving average price of $9.65. The company has a current ratio of 0.55, a quick ratio of 0.45 and a debt-to-equity ratio of 1.43. PureCycle Technologies, Inc. has a 1 year low of $4.50 and a 1 year high of $17.37.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.02). The firm had revenue of $1.58 million for the quarter, compared to analyst estimates of $4.27 million. As a group, equities analysts predict that PureCycle Technologies, Inc. will post -1.01 earnings per share 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.