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

PNC Financial Services Group Inc. increased its position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 100.0% in the 2nd quarter, Holdings Channel reports. The firm owned 1,383,478 shares of the company’s stock after purchasing an additional 691,809 shares during the period. PNC Financial Services Group Inc.’s holdings in PureCycle Technologies were worth $18,954,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Duquesne Family Office LLC boosted its stake in PureCycle Technologies by 111.3% during the 1st quarter. Duquesne Family Office LLC now owns 3,364,842 shares of the company’s stock worth $23,285,000 after purchasing an additional 1,772,342 shares during the last quarter. Samlyn Capital LLC grew its stake in PureCycle Technologies by 19.1% during the 1st quarter. Samlyn Capital LLC now owns 6,222,136 shares of the company’s stock valued at $43,057,000 after acquiring an additional 997,337 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in PureCycle Technologies by 66.4% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,249,781 shares of the company’s stock valued at $15,569,000 after acquiring an additional 897,694 shares during the last quarter. Vanguard Group Inc. lifted its stake in PureCycle Technologies by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 14,761,344 shares of the company’s stock worth $102,149,000 after purchasing an additional 660,837 shares in the last quarter. Finally, Sylebra Capital LLC boosted its holdings in shares of PureCycle Technologies by 1.9% during the 1st quarter. Sylebra Capital LLC now owns 34,077,574 shares of the company’s stock worth $235,817,000 after purchasing an additional 619,925 shares during the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Trading Up 3.5%

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

PureCycle Technologies (NASDAQ:PCT) last released its quarterly 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 for the quarter, compared to analyst estimates of $6.04 million. On average, sell-side analysts anticipate that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on PCT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of PureCycle Technologies in a research report on Wednesday, October 8th. Cowen reiterated a “buy” rating on shares of PureCycle Technologies in a report on Friday, August 8th. Seaport Res Ptn raised shares of PureCycle Technologies to a “strong-buy” rating in a report on Wednesday, October 22nd. Cantor Fitzgerald restated an “overweight” rating and set a $16.00 price objective on shares of PureCycle Technologies in a research report on Friday, August 8th. Finally, Northland Securities assumed coverage on shares of PureCycle Technologies in a research note on Wednesday, August 27th. They issued an “outperform” rating and a $16.00 price target for the company. Three equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, PureCycle Technologies presently has a consensus rating of “Buy” and an average target price of $15.00.

PureCycle Technologies Company 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.