Invesco Ltd. Has $695,000 Holdings in PureCycle Technologies, Inc. $PCT

Invesco Ltd. decreased its stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 53.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 100,435 shares of the company’s stock after selling 114,109 shares during the period. Invesco Ltd. owned 0.06% of PureCycle Technologies worth $695,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in PCT. Huntleigh Advisors Inc. acquired a new position in PureCycle Technologies during the first quarter valued at approximately $4,844,000. Vanguard Group Inc. grew its holdings in PureCycle Technologies by 4.7% during the first quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company’s stock valued at $102,149,000 after purchasing an additional 660,837 shares during the last quarter. Polar Asset Management Partners Inc. acquired a new position in PureCycle Technologies during the fourth quarter valued at approximately $3,290,000. Fortis Group Advisors LLC grew its holdings in PureCycle Technologies by 587.4% during the first quarter. Fortis Group Advisors LLC now owns 220,146 shares of the company’s stock valued at $1,523,000 after purchasing an additional 188,121 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in PureCycle Technologies by 7.5% during the fourth quarter. Northern Trust Corp now owns 1,240,393 shares of the company’s stock valued at $12,714,000 after purchasing an additional 86,233 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Price Performance

Shares of PCT stock opened at $13.16 on Friday. The stock’s fifty day simple moving average is $14.06 and its 200 day simple moving average is $10.49. The company has a debt-to-equity ratio of 3.54, a current ratio of 2.14 and a quick ratio of 2.07. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of -7.79 and a beta of 2.01. PureCycle Technologies, Inc. has a one year low of $4.50 and a one year high of $17.37.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.12). The company had revenue of $1.65 million during the quarter, compared to analyst estimates of $4.10 million. On average, analysts expect that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PCT. TD Cowen raised PureCycle Technologies to a “strong-buy” rating in a report on Monday, June 23rd. Cowen reaffirmed a “buy” rating on shares of PureCycle Technologies in a report on Friday, August 8th. Wall Street Zen lowered PureCycle Technologies from a “hold” rating to a “sell” rating in a report on Monday, July 21st. Northland Capmk raised PureCycle Technologies to a “strong-buy” rating in a report on Tuesday, August 26th. Finally, Northland Securities began coverage on PureCycle Technologies in a report on Wednesday, August 27th. They issued an “outperform” rating and a $16.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $15.00.

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.