New York State Common Retirement Fund Grows Holdings in PureCycle Technologies, Inc. (NASDAQ:PCT)

New York State Common Retirement Fund lifted its stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 20.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,580 shares of the company’s stock after buying an additional 5,600 shares during the quarter. New York State Common Retirement Fund’s holdings in PureCycle Technologies were worth $334,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Keudell Morrison Wealth Management bought a new stake in shares of PureCycle Technologies during the 4th quarter valued at about $117,000. Truist Financial Corp bought a new stake in shares of PureCycle Technologies during the fourth quarter valued at approximately $145,000. Prospera Private Wealth LLC boosted its position in shares of PureCycle Technologies by 35.9% during the third quarter. Prospera Private Wealth LLC now owns 15,436 shares of the company’s stock worth $147,000 after buying an additional 4,080 shares during the period. Bar Harbor Wealth Management bought a new position in shares of PureCycle Technologies in the fourth quarter worth $154,000. Finally, Focused Wealth Management Inc increased its stake in PureCycle Technologies by 27.9% during the 4th quarter. Focused Wealth Management Inc now owns 16,605 shares of the company’s stock valued at $170,000 after buying an additional 3,620 shares during the period. Institutional investors own 63.01% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PCT. Stifel Nicolaus upped their price objective on PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. TD Cowen increased their price objective on PureCycle Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 target price on shares of PureCycle Technologies in a report on Tuesday, November 19th.

PureCycle Technologies Trading Down 2.6 %

NASDAQ:PCT opened at $9.12 on Wednesday. The stock’s 50-day moving average is $9.67 and its two-hundred day moving average is $9.99. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63. The stock has a market cap of $1.58 billion, a PE ratio of -6.08 and a beta of 1.58. PureCycle Technologies, Inc. has a fifty-two week low of $4.50 and a fifty-two week high of $15.58.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.32). As a group, equities research analysts forecast that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Insider Transactions at PureCycle Technologies

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc acquired 619,925 shares of the company’s stock in a transaction dated Thursday, February 6th. The shares were acquired at an average cost of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the purchase, the insider now owns 34,077,574 shares of the company’s stock, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 11.44% of the stock is currently owned by corporate insiders.

PureCycle Technologies 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.