PureCycle Technologies, Inc. $PCT Stock Bought by Simplify Asset Management Inc.

Simplify Asset Management Inc. raised its holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 9.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,326,255 shares of the company’s stock after buying an additional 278,065 shares during the quarter. PureCycle Technologies comprises about 0.2% of Simplify Asset Management Inc.’s portfolio, making the stock its 21st biggest holding. Simplify Asset Management Inc.’s holdings in PureCycle Technologies were worth $14,669,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. WESPAC Advisors LLC purchased a new position in shares of PureCycle Technologies in the third quarter worth about $268,000. Verdence Capital Advisors LLC acquired a new position in PureCycle Technologies during the third quarter worth about $270,000. Sigma Planning Corp acquired a new position in PureCycle Technologies during the third quarter worth about $48,000. Capital Investment Advisors LLC acquired a new position in PureCycle Technologies during the third quarter worth about $190,000. Finally, Inspire Investing LLC purchased a new stake in PureCycle Technologies during the 3rd quarter valued at about $642,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

PureCycle Technologies Stock Up 6.4%

Shares of NASDAQ:PCT opened at $3.17 on Thursday. PureCycle Technologies, Inc. has a 52-week low of $2.59 and a 52-week high of $14.19. The stock has a market cap of $636.87 million, a P/E ratio of -2.17 and a beta of 2.63. The business has a fifty day moving average of $4.93 and a two-hundred day moving average of $7.40. The company has a quick ratio of 2.42, a current ratio of 2.60 and a debt-to-equity ratio of 27.37.

PureCycle Technologies (NASDAQ:PCT) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.51). The company had revenue of $4.51 million for the quarter, compared to analysts’ expectations of $6.11 million. PureCycle Technologies had a negative return on equity of 612.39% and a negative net margin of 1,618.84%. On average, research analysts expect that PureCycle Technologies, Inc. will post -0.90 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on PCT. Cantor Fitzgerald cut their price objective on shares of PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a research note on Wednesday, September 2nd. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, PureCycle Technologies presently has a consensus rating of “Hold” and a consensus price target of $11.75.

Insider Activity

In other 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 purchased at an average cost of $6.38 per share, for a total transaction of $98,756.02. Following the completion of the transaction, the director owned 175,983 shares in the company, valued at approximately $1,122,771.54. This trade represents a 9.64% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 18.80% of the company’s stock.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc (NASDAQ:PCT) is a recycling technology company focused on converting waste polypropylene (PP) into recycled resin with properties designed to be comparable to virgin polypropylene. Its technology is intended to remove color, odor and other contaminants from used plastic, expanding the potential for recycled PP in applications that traditionally rely on virgin materials.

The company processes post-consumer and post-industrial polypropylene feedstock into purified recycled polypropylene products.