Federated Hermes Inc. Cuts Stock Position in PureCycle Technologies, Inc. (NASDAQ:PCT)

Federated Hermes Inc. decreased its holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 63.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,049 shares of the company’s stock after selling 41,812 shares during the quarter. Federated Hermes Inc.’s holdings in PureCycle Technologies were worth $166,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of PCT. NBC Securities Inc. bought a new stake in shares of PureCycle Technologies in the 1st quarter worth about $25,000. Sterling Capital Management LLC increased its stake in PureCycle Technologies by 775.3% during the fourth quarter. Sterling Capital Management LLC now owns 3,230 shares of the company’s stock worth $33,000 after acquiring an additional 2,861 shares during the last quarter. CWM LLC increased its stake in PureCycle Technologies by 158.7% during the first quarter. CWM LLC now owns 4,960 shares of the company’s stock worth $34,000 after acquiring an additional 3,043 shares during the last quarter. KBC Group NV purchased a new stake in PureCycle Technologies during the first quarter valued at approximately $41,000. Finally, Kathmere Capital Management LLC bought a new stake in shares of PureCycle Technologies in the 1st quarter valued at approximately $69,000. Institutional investors own 63.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. TD Cowen raised PureCycle Technologies to a “strong-buy” rating in a research report on Monday, June 23rd. Cowen reaffirmed a “buy” rating on shares of PureCycle Technologies in a research note on Friday. Wall Street Zen downgraded shares of PureCycle Technologies from a “hold” rating to a “sell” rating in a research note on Monday, July 21st. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $16.00 target price on shares of PureCycle Technologies in a report on Friday. One equities research analyst has rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $14.67.

PureCycle Technologies Stock Performance

Shares of NASDAQ PCT opened at $12.35 on Monday. PureCycle Technologies, Inc. has a fifty-two week low of $4.50 and a fifty-two week high of $17.37. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.45 and a current ratio of 0.55. The company has a market cap of $2.22 billion, a price-to-earnings ratio of -7.31 and a beta of 1.94. The business’s 50 day moving average price is $13.50 and its 200-day moving average price is $9.94.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate 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. On average, sell-side analysts expect that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current 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.