Sanders Morris Harris LLC Acquires New Stake in PureCycle Technologies, Inc. $PCT

Sanders Morris Harris LLC purchased a new position in PureCycle Technologies, Inc. (NASDAQ:PCT) during the 3rd quarter, Holdings Channel reports. The fund purchased 139,215 shares of the company’s stock, valued at approximately $1,831,000.

A number of other hedge funds have also recently modified their holdings of the business. Nisa Investment Advisors LLC increased its stake in shares of 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 purchasing an additional 1,891 shares in the last quarter. AlphaQuest LLC increased its position in PureCycle Technologies by 1,892.9% in the first quarter. AlphaQuest LLC now owns 17,717 shares of the company’s stock worth $123,000 after buying an additional 16,828 shares in the last quarter. Bluefin Capital Management LLC bought a new position in shares of PureCycle Technologies in the second quarter worth about $137,000. Patriot Financial Group Insurance Agency LLC bought a new position in shares of PureCycle Technologies in the second quarter worth about $140,000. Finally, Evelyn Partners Investment Management Services Ltd lifted its position in shares of PureCycle Technologies by 225.5% during the 2nd quarter. Evelyn Partners Investment Management Services Ltd now owns 11,198 shares of the company’s stock valued at $143,000 after buying an additional 7,758 shares in the last quarter. Institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Trading Down 2.1%

PureCycle Technologies stock opened at $7.84 on Wednesday. PureCycle Technologies, Inc. has a 1 year low of $5.40 and a 1 year high of $17.37. The firm’s 50 day moving average price is $10.63 and its 200-day moving average price is $12.47. The company has a debt-to-equity ratio of 5.21, a current ratio of 2.24 and a quick ratio of 2.15. The stock has a market cap of $1.41 billion, a P/E ratio of -5.37 and a beta of 2.11.

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

Analyst Ratings Changes

PCT has been the subject of several analyst reports. Northland Capmk raised shares of PureCycle Technologies to a “strong-buy” rating in a report on Tuesday, August 26th. Northland Securities initiated coverage on shares of PureCycle Technologies in a research report on Wednesday, August 27th. They issued an “outperform” rating and a $16.00 price target for the company. Seaport Res Ptn upgraded shares of PureCycle Technologies to a “strong-buy” rating in a research report on Wednesday, October 22nd. TD Cowen restated a “hold” rating and set a $9.00 target price (down previously from $16.00) on shares of PureCycle Technologies in a research note on Monday, November 24th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $13.67.

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.