Clear Harbor Asset Management LLC Takes Position in PureCycle Technologies, Inc. $PCT

Clear Harbor Asset Management LLC purchased a new stake in PureCycle Technologies, Inc. (NASDAQ:PCT) in the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 75,387 shares of the company’s stock, valued at approximately $648,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Carnegie Lake Advisors LLC acquired a new position in shares of PureCycle Technologies in the 4th quarter valued at about $94,000. Geode Capital Management LLC boosted its holdings in shares of PureCycle Technologies by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,365,871 shares of the company’s stock valued at $28,918,000 after buying an additional 15,536 shares during the period. Cypress Capital Management LLC WY boosted its holdings in shares of PureCycle Technologies by 470.6% in the 4th quarter. Cypress Capital Management LLC WY now owns 73,153 shares of the company’s stock valued at $628,000 after buying an additional 60,332 shares during the period. Integrity Alliance LLC. acquired a new position in shares of PureCycle Technologies in the 4th quarter valued at about $195,000. Finally, Simplify Asset Management Inc. boosted its holdings in shares of PureCycle Technologies by 227.4% in the 4th quarter. Simplify Asset Management Inc. now owns 1,933,564 shares of the company’s stock valued at $16,609,000 after buying an additional 1,342,955 shares during the period. 63.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PCT. TD Cowen decreased their price target on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a report on Friday, May 8th. Cantor Fitzgerald decreased their price target on shares of PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating for the company in a report on Friday, February 27th. Finally, 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. One investment 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 issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $12.00.

PureCycle Technologies Trading Up 5.1%

Shares of NASDAQ:PCT opened at $12.85 on Wednesday. The company has a market cap of $2.32 billion, a PE ratio of -8.74 and a beta of 2.48. The company’s 50-day moving average price is $8.14 and its 200 day moving average price is $8.57. PureCycle Technologies, Inc. has a fifty-two week low of $4.93 and a fifty-two week high of $17.37. The company has a quick ratio of 1.57, a current ratio of 1.71 and a debt-to-equity ratio of 47.59.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.05. The firm had revenue of $4.13 million for the quarter, compared to the consensus estimate of $3.83 million. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. Sell-side analysts anticipate that PureCycle Technologies, Inc. will post -0.99 earnings per share for the current year.

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.