Bank of New York Mellon Corp Has $2.65 Million Stock Holdings in PureCycle Technologies, Inc. (NYSE:PCT)

Bank of New York Mellon Corp increased its position in PureCycle Technologies, Inc. (NYSE:PCT) by 15.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 448,088 shares of the company’s stock after purchasing an additional 61,158 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.27% of PureCycle Technologies worth $2,653,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its stake in shares of PureCycle Technologies by 22.5% in the 4th quarter. Victory Capital Management Inc. now owns 17,004 shares of the company’s stock valued at $69,000 after purchasing an additional 3,128 shares during the period. Swiss National Bank lifted its stake in PureCycle Technologies by 6.2% in the fourth quarter. Swiss National Bank now owns 210,100 shares of the company’s stock valued at $851,000 after buying an additional 12,200 shares during the period. National Bank of Canada FI grew its position in shares of PureCycle Technologies by 45.8% during the 4th quarter. National Bank of Canada FI now owns 13,979 shares of the company’s stock worth $52,000 after buying an additional 4,388 shares during the period. Jump Financial LLC bought a new stake in shares of PureCycle Technologies in the 4th quarter valued at about $79,000. Finally, Jade Capital Advisors LLC acquired a new stake in shares of PureCycle Technologies in the 4th quarter valued at approximately $142,000. 63.01% of the stock is owned by institutional investors.

PureCycle Technologies Stock Performance

Shares of PCT opened at $8.90 on Tuesday. The company has a market cap of $1.47 billion, a PE ratio of -8.73 and a beta of 1.60. The firm has a 50-day moving average of $6.27 and a 200-day moving average of $5.77. PureCycle Technologies, Inc. has a one year low of $2.38 and a one year high of $9.55. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.67 and a quick ratio of 0.54.

PureCycle Technologies (NYSE:PCT) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.13). As a group, equities analysts forecast that PureCycle Technologies, Inc. will post -0.87 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Insider Activity 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 that occurred on Friday, September 13th. The shares were acquired at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the purchase, the insider now owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 11.44% of the stock is currently owned by corporate insiders.

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.