Scopus Asset Management L.P. purchased a new position in shares of PureCycle Technologies, Inc. (NYSE:PCT) in the 1st quarter, HoldingsChannel reports. The institutional investor purchased 110,161 shares of the company’s stock, valued at approximately $2,809,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. James Investment Research Inc. acquired a new stake in shares of PureCycle Technologies during the first quarter worth $80,000. Penserra Capital Management LLC acquired a new stake in PureCycle Technologies in the first quarter valued at $100,000. International Assets Investment Management LLC acquired a new stake in PureCycle Technologies in the first quarter valued at $133,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in PureCycle Technologies in the first quarter valued at $451,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in PureCycle Technologies in the first quarter valued at $148,000. 26.56% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on PCT shares. Zacks Investment Research downgraded PureCycle Technologies from a “hold” rating to a “sell” rating in a report on Wednesday, June 30th. Oppenheimer raised their price target on PureCycle Technologies from $24.00 to $28.00 and gave the company an “outperform” rating in a research report on Thursday, June 24th. They noted that the move was a valuation call. Roth Capital began coverage on PureCycle Technologies in a research report on Wednesday, April 21st. They issued a “buy” rating and a $45.00 price target for the company. Finally, Alembic Global Advisors began coverage on PureCycle Technologies in a research report on Monday, June 7th. They issued an “overweight” rating and a $30.00 price target for the company. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. PureCycle Technologies has an average rating of “Buy” and a consensus target price of $34.33.
PureCycle Technologies (NYSE:PCT) last posted its quarterly earnings results on Wednesday, May 19th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.26). Equities research analysts anticipate that PureCycle Technologies, Inc. will post -0.35 earnings per share for the current year.
In other news, insider Melissa Westerman acquired 11,400 shares of PureCycle Technologies stock in a transaction dated Monday, May 24th. The shares were acquired at an average cost of $17.47 per share, with a total value of $199,158.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Michael E. Dee purchased 2,936 shares of PureCycle Technologies stock in a transaction that occurred on Thursday, May 27th. The shares were bought at an average cost of $17.03 per share, for a total transaction of $50,000.08. Following the completion of the transaction, the chief financial officer now directly owns 2,936 shares in the company, valued at approximately $50,000.08. The disclosure for this purchase can be found here.
About PureCycle Technologies
PureCycle Technologies LLC produces recycled polypropylene. It uses a recycling process that separates color, odor, and contaminants from plastic waste feedstock into recycled polypropylene. Its recycling service converts waste plastic into virgin-like plastic. The company was founded in 2015 and is based in Orlando, Florida.
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