Northern Trust Corp Increases Stock Holdings in PureCycle Technologies, Inc. (NASDAQ:PCT)

Northern Trust Corp lifted its holdings in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 7.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,240,393 shares of the company's stock after buying an additional 86,233 shares during the quarter. Northern Trust Corp owned approximately 0.71% of PureCycle Technologies worth $12,714,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PCT. Highview Capital Management LLC DE bought a new position in PureCycle Technologies in the fourth quarter worth approximately $324,000. Vanguard Group Inc. grew its stake in PureCycle Technologies by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 14,100,507 shares of the company's stock worth $144,530,000 after purchasing an additional 758,382 shares in the last quarter. Drive Wealth Management LLC grew its stake in PureCycle Technologies by 767.7% in the fourth quarter. Drive Wealth Management LLC now owns 308,027 shares of the company's stock worth $3,157,000 after purchasing an additional 272,527 shares in the last quarter. US Bancorp DE grew its stake in PureCycle Technologies by 141.5% in the fourth quarter. US Bancorp DE now owns 3,446 shares of the company's stock worth $35,000 after purchasing an additional 2,019 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in PureCycle Technologies by 6.1% in the fourth quarter. Arizona State Retirement System now owns 35,217 shares of the company's stock worth $361,000 after purchasing an additional 2,033 shares in the last quarter. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, TD Cowen dropped their price objective on PureCycle Technologies from $15.00 to $13.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th.

PureCycle Technologies Stock Up 12.4%

Shares of NASDAQ:PCT traded up $1.01 on Thursday, reaching $9.15. The company had a trading volume of 4,144,770 shares, compared to its average volume of 2,437,779. PureCycle Technologies, Inc. has a 52-week low of $4.50 and a 52-week high of $15.58. The firm's 50 day simple moving average is $7.08 and its 200-day simple moving average is $9.30. The firm has a market capitalization of $1.64 billion, a PE ratio of -6.10 and a beta of 1.68. The company has a current ratio of 1.74, a quick ratio of 1.63 and a debt-to-equity ratio of 1.36.

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

PureCycle Technologies 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.