Equitable Holdings Inc. Makes New Investment in PureCycle Technologies, Inc. $PCT

Equitable Holdings Inc. bought a new stake in PureCycle Technologies, Inc. (NASDAQ:PCT) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 111,777 shares of the company’s stock, valued at approximately $907,000.

A number of other institutional investors have also added to or reduced their stakes in PCT. Appian Way Asset Management LP increased its stake in PureCycle Technologies by 1.4% during the third quarter. Appian Way Asset Management LP now owns 4,315,655 shares of the company’s stock valued at $56,751,000 after acquiring an additional 59,676 shares during the period. Geode Capital Management LLC raised its holdings in PureCycle Technologies by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,365,871 shares of the company’s stock valued at $28,918,000 after acquiring an additional 15,536 shares in the last quarter. Simplify Asset Management Inc. lifted its position in shares of PureCycle Technologies by 227.4% in the 4th quarter. Simplify Asset Management Inc. now owns 1,933,564 shares of the company’s stock worth $16,609,000 after acquiring an additional 1,342,955 shares during the period. Royal Bank of Canada lifted its position in shares of PureCycle Technologies by 41.8% in the 4th quarter. Royal Bank of Canada now owns 1,671,756 shares of the company’s stock worth $14,361,000 after acquiring an additional 492,975 shares during the period. Finally, Rokos Capital Management LLP acquired a new stake in shares of PureCycle Technologies during the 1st quarter worth approximately $7,526,000. 63.01% of the stock is owned by institutional investors and hedge funds.

PureCycle Technologies Stock Down 2.3%

NASDAQ PCT opened at $6.50 on Friday. PureCycle Technologies, Inc. has a 1-year low of $4.93 and a 1-year high of $15.49. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of -4.45 and a beta of 2.57. The stock’s 50 day moving average is $6.99 and its two-hundred day moving average is $7.80. The company has a current ratio of 2.60, a quick ratio of 2.42 and a debt-to-equity ratio of 27.37.

PureCycle Technologies (NASDAQ:PCT) last issued 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). The company had revenue of $4.51 million during the quarter, compared to analyst estimates of $6.11 million. PureCycle Technologies had a negative return on equity of 612.39% and a negative net margin of 1,618.84%. Equities analysts forecast that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PCT. Alembic Global Advisors set a $16.00 price objective on PureCycle Technologies in a research report on Tuesday, June 16th. Cantor Fitzgerald reduced their target price on PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Wall Street Zen downgraded shares of PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 10th. Northland Securities set a $13.00 price target on shares of PureCycle Technologies in a report on Friday, June 12th. Finally, TD Cowen lowered their price target on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Friday, May 8th. 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 data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $11.75.

About PureCycle Technologies

PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra‐pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.

Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.