Rhumbline Advisers Has $1.29 Million Stake in PureCycle Technologies, Inc. (NASDAQ:PCT)

Rhumbline Advisers lowered its holdings in PureCycle Technologies, Inc. (NASDAQ:PCT) by 3.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 186,093 shares of the company’s stock after selling 7,583 shares during the period. Rhumbline Advisers owned about 0.10% of PureCycle Technologies worth $1,288,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in PCT. Sanctuary Advisors LLC grew its position in PureCycle Technologies by 4.8% in the fourth quarter. Sanctuary Advisors LLC now owns 216,293 shares of the company’s stock valued at $2,046,000 after purchasing an additional 9,954 shares in the last quarter. Truist Financial Corp bought a new position in PureCycle Technologies in the fourth quarter valued at $145,000. Fortis Group Advisors LLC grew its position in PureCycle Technologies by 159.1% in the fourth quarter. Fortis Group Advisors LLC now owns 32,025 shares of the company’s stock valued at $328,000 after purchasing an additional 19,666 shares in the last quarter. New York State Common Retirement Fund grew its position in PureCycle Technologies by 20.8% in the fourth quarter. New York State Common Retirement Fund now owns 32,580 shares of the company’s stock valued at $334,000 after purchasing an additional 5,600 shares in the last quarter. Finally, Pine Valley Investments Ltd Liability Co grew its position in PureCycle Technologies by 13.8% in the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 18,390 shares of the company’s stock valued at $188,000 after purchasing an additional 2,230 shares in the last quarter. Institutional investors own 63.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. TD Cowen decreased their target price on shares of PureCycle Technologies from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, May 8th. Wall Street Zen upgraded shares of PureCycle Technologies from a “sell” rating to a “hold” rating in a research note on Saturday, June 14th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

PureCycle Technologies Stock Down 3.0%

PureCycle Technologies stock opened at $13.69 on Thursday. The firm has a market capitalization of $2.46 billion, a PE ratio of -11.70 and a beta of 1.80. The company’s 50-day moving average is $8.47 and its 200-day moving average is $9.09. PureCycle Technologies, Inc. has a fifty-two week low of $4.50 and a fifty-two week high of $15.58. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.55 and a quick ratio of 0.45.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings data 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 the consensus estimate of $4.27 million. Sell-side analysts anticipate that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current 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.