Dark Forest Capital Management LP Takes Position in PureCycle Technologies, Inc. (NYSE:PCT)

Dark Forest Capital Management LP bought a new position in PureCycle Technologies, Inc. (NYSE:PCT) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 37,819 shares of the company’s stock, valued at approximately $224,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Sierra Summit Advisors LLC purchased a new stake in PureCycle Technologies during the fourth quarter valued at about $964,000. Abundance Wealth Counselors boosted its holdings in PureCycle Technologies by 6.0% during the 2nd quarter. Abundance Wealth Counselors now owns 7,189,490 shares of the company’s stock valued at $42,562,000 after acquiring an additional 407,353 shares during the period. Longview Asset Management LLC purchased a new stake in PureCycle Technologies during the 2nd quarter valued at about $57,521,000. Ensign Peak Advisors Inc bought a new position in PureCycle Technologies during the 2nd quarter worth approximately $311,000. Finally, Van ECK Associates Corp purchased a new position in PureCycle Technologies in the 2nd quarter worth approximately $3,121,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on PCT shares. Stifel Nicolaus increased their price objective on PureCycle Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Craig Hallum increased their price target on shares of PureCycle Technologies from $4.00 to $6.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, 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 report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $6.75.

PureCycle Technologies Price Performance

PCT opened at $9.50 on Tuesday. 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 stock has a market capitalization of $1.56 billion, a PE ratio of -9.31 and a beta of 1.60. The stock’s 50 day moving average price is $6.98 and its 200-day moving average price is $6.05. PureCycle Technologies, Inc. has a 52-week low of $2.38 and a 52-week high of $10.68.

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

Insider Activity at PureCycle Technologies

In related news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the stock in a transaction on 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 completion of the acquisition, the insider now directly owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 11.44% of the stock is owned by corporate insiders.

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.