Vanguard Group Inc. Has $102.15 Million Stock Holdings in PureCycle Technologies, Inc. $PCT

Key Points

• Vanguard Group Inc. increased its stake in PureCycle Technologies by 4.7%, acquiring an additional 660,837 shares in the first quarter, bringing its total ownership to approximately 14.76 million shares valued at $102 million.
• Institutional investors control 63.01% of PureCycle Technologies' shares, indicating strong interest from larger financial entities in the company.
• PureCycle Technologies reported earnings of ($0.35) per share for the last quarter, falling short of estimates, with analysts projecting an average price target of $14.67 for the stock.

Vanguard Group Inc. boosted its holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 4.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,761,344 shares of the company's stock after buying an additional 660,837 shares during the quarter. Vanguard Group Inc. owned about 8.23% of PureCycle Technologies worth $102,149,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in PCT. Sterling Capital Management LLC increased its holdings in shares of PureCycle Technologies by 775.3% during the 4th quarter. Sterling Capital Management LLC now owns 3,230 shares of the company's stock valued at $33,000 after acquiring an additional 2,861 shares during the last quarter. NBC Securities Inc. acquired a new stake in PureCycle Technologies in the 1st quarter worth approximately $25,000. CWM LLC lifted its holdings 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 purchasing an additional 3,043 shares during the last quarter. KBC Group NV bought a new stake in PureCycle Technologies during the first quarter worth approximately $41,000. Finally, Kathmere Capital Management LLC bought a new stake in PureCycle Technologies during the first quarter worth approximately $69,000. Institutional investors and hedge funds own 63.01% of the company's stock.

PureCycle Technologies Stock Down 2.3%

PCT stock traded down $0.30 during trading on Monday, reaching $12.72. 1,584,799 shares of the stock were exchanged, compared to its average volume of 2,981,481. PureCycle Technologies, Inc. has a twelve month low of $4.50 and a twelve month 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 50 day simple moving average of $13.99 and a 200-day simple moving average of $10.21.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.35) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.12). The business had revenue of $1.65 million during the quarter, compared to the consensus estimate of $4.10 million. Sell-side analysts expect that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Cowen restated a "buy" rating on shares of PureCycle Technologies in a research note on Friday, August 8th. Wall Street Zen downgraded shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a report on Monday, July 21st. Cantor Fitzgerald reissued an "overweight" rating and set a $16.00 target price on shares of PureCycle Technologies in a research report on Friday, August 8th. Finally, TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $14.67.

PureCycle Technologies Company Profile

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.