1,134,543 Shares in PureCycle Technologies, Inc. $PCT Bought by Cibc World Market Inc.

Cibc World Market Inc. acquired a new stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,134,543 shares of the company’s stock, valued at approximately $9,201,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PCT. OMERS ADMINISTRATION Corp acquired a new position in PureCycle Technologies in the 2nd quarter worth about $306,000. Clear Harbor Asset Management LLC acquired a new stake in shares of PureCycle Technologies during the 2nd quarter valued at about $754,000. Gambit Capital Management LLC acquired a new stake in shares of PureCycle Technologies during the 2nd quarter valued at about $156,000. Diversify Advisory Services LLC bought a new stake in shares of PureCycle Technologies in the 2nd quarter valued at approximately $133,000. Finally, First National Bank of Omaha bought a new stake in shares of PureCycle Technologies in the 2nd quarter valued at approximately $1,405,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Cantor Fitzgerald cut their price objective on shares of PureCycle Technologies from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a research report on Friday, June 5th. Alembic Global Advisors set a $16.00 price target on shares of PureCycle Technologies in a research note on Tuesday, June 16th. TD Cowen dropped their price target on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. Finally, Wall Street Zen lowered shares of PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, PureCycle Technologies has an average rating of “Moderate Buy” and a consensus target price of $11.75.

PureCycle Technologies Price Performance

Shares of PureCycle Technologies stock opened at $6.61 on Tuesday. The company has a current ratio of 2.60, a quick ratio of 2.42 and a debt-to-equity ratio of 27.37. The firm has a fifty day simple moving average of $7.14 and a 200-day simple moving average of $7.87. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of -4.53 and a beta of 2.57. PureCycle Technologies, Inc. has a 1-year low of $4.93 and a 1-year high of $15.49.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.51). PureCycle Technologies had a negative net margin of 1,618.84% and a negative return on equity of 612.39%. The firm had revenue of $4.51 million for the quarter, compared to the consensus estimate of $6.11 million. On average, sell-side analysts expect that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current year.

About PureCycle Technologies

PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra‐pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.

Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.