Clear Harbor Asset Management LLC Takes $754,000 Position in PureCycle Technologies, Inc. $PCT

Clear Harbor Asset Management LLC purchased a new stake in PureCycle Technologies, Inc. (NASDAQ:PCT) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 93,004 shares of the company’s stock, valued at approximately $754,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PCT. Cassaday & Co Wealth Management LLC purchased a new stake in shares of PureCycle Technologies in the first quarter valued at $33,000. Larson Financial Group LLC raised its position in PureCycle Technologies by 6,571.8% during the third quarter. Larson Financial Group LLC now owns 2,602 shares of the company’s stock valued at $34,000 after buying an additional 2,563 shares during the period. Advisory Services Network LLC purchased a new stake in PureCycle Technologies in the 3rd quarter worth about $35,000. SHP Wealth Management purchased a new stake in PureCycle Technologies in the 4th quarter worth about $43,000. Finally, Sigma Planning Corp acquired a new stake in PureCycle Technologies during the 1st quarter worth about $53,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Price Performance

PCT stock opened at $6.80 on Monday. The firm has a market cap of $1.37 billion, a PE ratio of -4.66 and a beta of 2.57. PureCycle Technologies, Inc. has a 1 year low of $4.93 and a 1 year high of $15.49. The company has a fifty day simple moving average of $7.19 and a 200 day simple moving average of $7.90. The company has a current ratio of 2.60, a quick ratio of 2.42 and a debt-to-equity ratio of 27.37.

PureCycle Technologies (NASDAQ:PCT) last posted its earnings results on Thursday, August 6th. The company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.51). PureCycle Technologies had a negative return on equity of 612.39% and a negative net margin of 1,618.84%.The business had revenue of $4.51 million for the quarter, compared to analyst estimates of $6.11 million. Sell-side analysts anticipate that PureCycle Technologies, Inc. will post -0.9 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PCT. Alembic Global Advisors set a $16.00 price target on shares of PureCycle Technologies in a research note on Tuesday, June 16th. Cantor Fitzgerald lowered their target price on PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Wall Street Zen lowered PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 10th. Northland Securities set a $13.00 price target on PureCycle Technologies in a research note on Friday, June 12th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of PureCycle Technologies in a report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $11.75.

PureCycle Technologies Company 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.