NewEdge Advisors LLC Sells 137,910 Shares of PureCycle Technologies, Inc. (NYSE:PCT)

NewEdge Advisors LLC decreased its stake in shares of PureCycle Technologies, Inc. (NYSE:PCT) by 21.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 506,016 shares of the company’s stock after selling 137,910 shares during the period. NewEdge Advisors LLC owned approximately 0.31% of PureCycle Technologies worth $2,996,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. VitalStone Financial LLC boosted its position in PureCycle Technologies by 163.9% during the 4th quarter. VitalStone Financial LLC now owns 9,500 shares of the company’s stock valued at $38,000 after acquiring an additional 5,900 shares in the last quarter. Fortis Group Advisors LLC bought a new stake in shares of PureCycle Technologies during the first quarter valued at approximately $67,000. Algert Global LLC bought a new position in PureCycle Technologies in the second quarter worth $69,000. Tidal Investments LLC purchased a new position in PureCycle Technologies during the first quarter valued at $70,000. Finally, Bayesian Capital Management LP bought a new stake in shares of PureCycle Technologies during the 1st quarter valued at $98,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Insider Buying and Selling at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was purchased at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the purchase, the insider now directly owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 11.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Craig Hallum increased their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. TD Cowen raised their target price on shares of PureCycle Technologies from $7.50 to $10.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, Stifel Nicolaus boosted their price target on PureCycle Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $6.75.

PureCycle Technologies Stock Performance

Shares of PCT stock opened at $9.01 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.67. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of -8.83 and a beta of 1.63. PureCycle Technologies, Inc. has a one year low of $2.38 and a one year high of $10.68. The company’s 50-day moving average is $7.08 and its 200 day moving average is $6.12.

PureCycle Technologies (NYSE:PCT) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). Sell-side analysts expect that PureCycle Technologies, Inc. will post -0.85 EPS for the current fiscal year.

About PureCycle Technologies

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.