Clear Harbor Asset Management LLC Makes New $754,000 Investment in PureCycle Technologies, Inc. $PCT

Clear Harbor Asset Management LLC purchased a new position in PureCycle Technologies, Inc. (NASDAQ:PCT) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 93,004 shares of the company’s stock, valued at approximately $754,000.

A number of other hedge funds have also recently bought and sold shares of PCT. Integrated Wealth Concepts LLC raised its holdings in shares of PureCycle Technologies by 4.3% during the first quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company’s stock worth $253,000 after purchasing an additional 1,516 shares during the period. ProShare Advisors LLC lifted its holdings in PureCycle Technologies by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 23,738 shares of the company’s stock worth $204,000 after acquiring an additional 1,526 shares during the last quarter. Lido Advisors LLC boosted its stake in PureCycle Technologies by 5.0% in the third quarter. Lido Advisors LLC now owns 32,824 shares of the company’s stock valued at $432,000 after acquiring an additional 1,574 shares during the period. Cetera Investment Advisers grew its holdings in shares of PureCycle Technologies by 1.7% during the first quarter. Cetera Investment Advisers now owns 110,643 shares of the company’s stock valued at $574,000 after purchasing an additional 1,823 shares during the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in shares of PureCycle Technologies by 17.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 13,451 shares of the company’s stock worth $70,000 after purchasing an additional 2,016 shares during the period. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Price Performance

PCT stock opened at $6.80 on Monday. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of -4.66 and a beta of 2.57. 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, Inc. has a 52 week low of $4.93 and a 52 week high of $15.49. The firm’s 50-day moving average is $7.19 and its two-hundred day moving average is $7.90.

PureCycle Technologies (NASDAQ:PCT) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.51). The business had revenue of $4.51 million for the quarter, compared to the consensus estimate of $6.11 million. PureCycle Technologies had a negative net margin of 1,618.84% and a negative return on equity of 612.39%. On average, analysts forecast that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PCT has been the subject of a number of analyst reports. Alembic Global Advisors set a $16.00 price objective on PureCycle Technologies in a research report on Tuesday, June 16th. TD Cowen cut their target price on PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a report on Friday, June 5th. Wall Street Zen downgraded shares of PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 10th. Finally, Cantor Fitzgerald reduced their target price on shares of PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.75.

PureCycle Technologies Profile

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.