PureCycle Technologies, Inc. $PCT Shares Sold by Simplify Asset Management Inc.

Simplify Asset Management Inc. cut its stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 8.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,770,778 shares of the company’s stock after selling 162,786 shares during the period. PureCycle Technologies accounts for approximately 0.1% of Simplify Asset Management Inc.’s holdings, making the stock its 20th biggest holding. Simplify Asset Management Inc.’s holdings in PureCycle Technologies were worth $9,190,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PCT. Larson Financial Group LLC raised its position in shares of PureCycle Technologies by 6,571.8% in the 3rd quarter. Larson Financial Group LLC now owns 2,602 shares of the company’s stock worth $34,000 after buying an additional 2,563 shares during the period. Advisory Services Network LLC acquired a new stake in PureCycle Technologies during the third quarter worth about $35,000. SHP Wealth Management acquired a new stake in PureCycle Technologies during the fourth quarter worth about $43,000. Farther Finance Advisors LLC raised its holdings in shares of PureCycle Technologies by 3,047.8% in the 4th quarter. Farther Finance Advisors LLC now owns 9,160 shares of the company’s stock worth $79,000 after purchasing an additional 8,869 shares during the period. Finally, Independent Advisor Alliance purchased a new position in shares of PureCycle Technologies in the 4th quarter worth about $87,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

PureCycle Technologies Price Performance

NASDAQ:PCT opened at $7.61 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.57 and a debt-to-equity ratio of 47.59. The stock has a 50 day moving average of $9.83 and a 200-day moving average of $8.67. The firm has a market capitalization of $1.38 billion, a PE ratio of -5.18 and a beta of 2.50. PureCycle Technologies, Inc. has a 52 week low of $4.93 and a 52 week high of $17.37.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.05. The business had revenue of $4.13 million during the quarter, compared to analyst estimates of $3.83 million. PureCycle Technologies had a negative return on equity of 393.01% and a negative net margin of 2,062.36%. Analysts predict that PureCycle Technologies, Inc. will post -1 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on PCT. Alembic Global Advisors set a $16.00 target price on shares of PureCycle Technologies in a report on Tuesday, June 16th. Wall Street Zen downgraded shares of PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 10th. 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. Weiss Ratings restated a “sell (e+)” rating on shares of PureCycle Technologies in a report on Friday, June 5th. Finally, Northland Securities set a $13.00 target price on shares of PureCycle Technologies in a research report on Friday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.25.

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.