PNC Financial Services Group Inc. Grows Position in PureCycle Technologies, Inc. $PCT

PNC Financial Services Group Inc. grew its stake in PureCycle Technologies, Inc. (NASDAQ:PCT) by 100.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,383,478 shares of the company’s stock after buying an additional 691,809 shares during the period. PNC Financial Services Group Inc. owned 0.77% of PureCycle Technologies worth $18,954,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Nisa Investment Advisors LLC raised its stake in PureCycle Technologies by 278.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,571 shares of the company’s stock worth $35,000 after acquiring an additional 1,891 shares during the last quarter. CWM LLC raised its stake in shares of PureCycle Technologies by 158.7% in the first quarter. CWM LLC now owns 4,960 shares of the company’s stock worth $34,000 after purchasing an additional 3,043 shares during the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of PureCycle Technologies during the second quarter worth about $140,000. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its position in PureCycle Technologies by 16.5% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 12,272 shares of the company’s stock valued at $168,000 after buying an additional 1,736 shares during the last quarter. Finally, Stephens Inc. AR acquired a new position in PureCycle Technologies in the 2nd quarter worth approximately $179,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

PureCycle Technologies Stock Up 3.5%

Shares of PCT opened at $9.19 on Friday. The firm has a market cap of $1.66 billion, a P/E ratio of -6.29 and a beta of 2.01. PureCycle Technologies, Inc. has a 12 month low of $5.40 and a 12 month high of $17.37. The stock’s 50 day moving average is $12.75 and its two-hundred day moving average is $12.34. The company has a current ratio of 2.24, a quick ratio of 2.07 and a debt-to-equity ratio of 5.21.

PureCycle Technologies (NASDAQ:PCT) last announced its earnings results on Thursday, November 6th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.19). The firm had revenue of $2.43 million during the quarter, compared to analysts’ expectations of $6.04 million. Analysts predict that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $16.00 price objective on shares of PureCycle Technologies in a report on Friday, August 8th. Northland Securities started coverage on PureCycle Technologies in a research note on Wednesday, August 27th. They set an “outperform” rating and a $16.00 price objective for the company. Cowen reissued a “buy” rating on shares of PureCycle Technologies in a report on Friday, August 8th. Northland Capmk upgraded PureCycle Technologies to a “strong-buy” rating in a research report on Tuesday, August 26th. Finally, Wall Street Zen cut shares of PureCycle Technologies from a “hold” rating to a “sell” rating in a research note on Monday, July 21st. Three investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price 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.