American Century Companies Inc. Increases Position in PureCycle Technologies, Inc. (NYSE:PCT)

American Century Companies Inc. raised its holdings in PureCycle Technologies, Inc. (NYSE:PCT) by 37.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 198,218 shares of the company’s stock after acquiring an additional 53,964 shares during the period. American Century Companies Inc.’s holdings in PureCycle Technologies were worth $1,173,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Abundance Wealth Counselors boosted its stake in PureCycle Technologies by 21.0% in the 1st quarter. Abundance Wealth Counselors now owns 6,782,137 shares of the company’s stock worth $42,185,000 after buying an additional 1,178,570 shares during the last quarter. Van ECK Associates Corp acquired a new stake in shares of PureCycle Technologies in the second quarter worth approximately $3,121,000. Sierra Summit Advisors LLC purchased a new stake in PureCycle Technologies in the fourth quarter valued at approximately $964,000. Platform Technology Partners raised its stake in PureCycle Technologies by 302.1% during the fourth quarter. Platform Technology Partners now owns 130,549 shares of the company’s stock worth $529,000 after purchasing an additional 98,084 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in PureCycle Technologies by 15.8% during the second quarter. Bank of New York Mellon Corp now owns 448,088 shares of the company’s stock worth $2,653,000 after purchasing an additional 61,158 shares during the period. Hedge funds and other institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Stock Down 1.0 %

Shares of NYSE PCT opened at $9.50 on Tuesday. The firm has a fifty day moving average of $6.98 and a 200-day moving average of $6.05. The company has a quick ratio of 0.54, a current ratio of 0.67 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 $10.68. The stock has a market capitalization of $1.56 billion, a PE ratio of -9.31 and a beta of 1.60.

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

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on PCT shares. 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 note on Monday, August 12th. TD Cowen boosted their price objective 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, Craig Hallum boosted their price objective 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 analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $6.75.

Insider Buying and Selling

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 stock was purchased at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the transaction, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.44% of the stock is 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.