215,009 Shares of PureCycle Technologies, Inc. $PCT Purchased by Sanders Morris Harris LLC

Sanders Morris Harris LLC acquired a new position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 215,009 shares of the company’s stock, valued at approximately $948,000. Sanders Morris Harris LLC owned 0.11% of PureCycle Technologies at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of PureCycle Technologies by 12.0% during the 2nd quarter. State Street Corp now owns 3,331,674 shares of the company’s stock valued at $27,020,000 after buying an additional 355,675 shares during the period. Rokos Capital Management LLP acquired a new position in shares of PureCycle Technologies in the first quarter worth $7,526,000. PNC Financial Services Group Inc. increased its stake in shares of PureCycle Technologies by 18.2% in the first quarter. PNC Financial Services Group Inc. now owns 1,445,556 shares of the company’s stock worth $7,502,000 after acquiring an additional 222,996 shares during the last quarter. SWS Partners purchased a new stake in shares of PureCycle Technologies during the second quarter worth $11,637,000. Finally, NewEdge Advisors LLC raised its holdings in shares of PureCycle Technologies by 600.9% during the second quarter. NewEdge Advisors LLC now owns 1,186,811 shares of the company’s stock worth $9,625,000 after acquiring an additional 1,017,488 shares in the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on PCT shares. Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a research report on Wednesday, September 2nd. Cantor Fitzgerald dropped their price objective on PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Finally, Alembic Global Advisors set a $16.00 price objective on shares of PureCycle Technologies in a research report on Tuesday, June 16th. 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. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $11.75.

Insider Buying and Selling at PureCycle Technologies

In other news, Director Fernando Musa acquired 15,479 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The stock was acquired 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 18.80% of the company’s stock.

PureCycle Technologies Stock Performance

Shares of PCT stock traded down $0.22 during trading on Wednesday, reaching $3.22. The company had a trading volume of 6,145,516 shares, compared to its average volume of 4,875,394. The firm’s 50 day simple moving average is $5.83 and its two-hundred day simple moving average is $7.37. The company has a debt-to-equity ratio of 27.37, a current ratio of 2.60 and a quick ratio of 2.42. PureCycle Technologies, Inc. has a one year low of $3.09 and a one year high of $15.49. The company has a market capitalization of $646.90 million, a PE ratio of -2.21 and a beta of 2.63.

PureCycle Technologies (NASDAQ:PCT) last announced its earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $4.51 million for the quarter, compared to the consensus estimate of $6.11 million. Sell-side analysts forecast that PureCycle Technologies, Inc. will post -0.90 earnings per share for the current year.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc is a recycling technology company that develops and operates facilities designed to convert waste polypropylene (PP) plastic into recycled resin. Its process is intended to remove colors, odors and other contaminants from used polypropylene, producing a material with properties comparable to virgin polypropylene.

The company’s primary product is PureFive™ recycled polypropylene, which can be used in applications such as packaging, consumer products, automotive components and other plastic goods.