Arizona State Retirement System Grows Stock Position in PureCycle Technologies, Inc. (NYSE:PCT)

Arizona State Retirement System boosted its holdings in PureCycle Technologies, Inc. (NYSE:PCT) by 10.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 32,225 shares of the company’s stock after acquiring an additional 2,918 shares during the period. Arizona State Retirement System’s holdings in PureCycle Technologies were worth $191,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Abundance Wealth Counselors grew its position in shares of PureCycle Technologies by 6.0% in the second quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock valued at $42,562,000 after purchasing an additional 407,353 shares during the last quarter. SWS Partners grew its holdings in PureCycle Technologies by 3.3% during the 2nd quarter. SWS Partners now owns 895,545 shares of the company’s stock valued at $5,302,000 after buying an additional 28,397 shares during the last quarter. Van ECK Associates Corp purchased a new position in PureCycle Technologies during the second quarter worth $3,121,000. First National Bank of Omaha raised its holdings in shares of PureCycle Technologies by 1.0% in the fourth quarter. First National Bank of Omaha now owns 464,053 shares of the company’s stock worth $1,879,000 after acquiring an additional 4,395 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of PureCycle Technologies by 15.8% in the second quarter. Bank of New York Mellon Corp now owns 448,088 shares of the company’s stock valued at $2,653,000 after acquiring an additional 61,158 shares in the last quarter. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on PCT shares. Craig Hallum lifted their price objective on PureCycle Technologies from $4.00 to $6.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. TD Cowen raised their price target on shares of PureCycle Technologies from $7.50 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Stifel Nicolaus boosted their price objective on shares of PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $6.75.

Insider Buying and Selling

In other news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was acquired at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the acquisition, the insider now directly owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.44% of the stock is currently owned by company insiders.

PureCycle Technologies Stock Performance

PureCycle Technologies stock opened at $8.15 on Thursday. The stock has a fifty day moving average price of $6.40 and a 200 day moving average price of $5.81. The company has a current ratio of 0.67, a quick ratio of 0.54 and a debt-to-equity ratio of 1.06. PureCycle Technologies, Inc. has a 52 week low of $2.38 and a 52 week high of $9.55. The firm has a market capitalization of $1.34 billion, a P/E ratio of -7.99 and a beta of 1.60.

PureCycle Technologies (NYSE:PCT) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). Equities research analysts anticipate that PureCycle Technologies, Inc. will post -0.87 earnings per share for the current year.

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.