Simplify Asset Management Inc. Acquires 278,065 Shares of PureCycle Technologies, Inc. $PCT

Simplify Asset Management Inc. increased its holdings in PureCycle Technologies, Inc. (NASDAQ:PCT) by 9.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,326,255 shares of the company’s stock after purchasing an additional 278,065 shares during the quarter. PureCycle Technologies accounts for about 0.2% of Simplify Asset Management Inc.’s holdings, making the stock its 21st largest holding. Simplify Asset Management Inc.’s holdings in PureCycle Technologies were worth $14,669,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PCT. Integrated Wealth Concepts LLC grew its holdings in PureCycle Technologies by 2.3% in the second quarter. Integrated Wealth Concepts LLC now owns 71,442 shares of the company’s stock valued at $579,000 after purchasing an additional 1,625 shares during the period. Cetera Investment Advisers increased its position in shares of PureCycle Technologies by 1.7% in the first quarter. Cetera Investment Advisers now owns 110,643 shares of the company’s stock valued at $574,000 after buying an additional 1,823 shares in the last quarter. Sequoia Financial Advisors LLC increased its position in shares of PureCycle Technologies by 17.6% in the first quarter. Sequoia Financial Advisors LLC now owns 13,451 shares of the company’s stock valued at $70,000 after buying an additional 2,016 shares in the last quarter. Corient Private Wealth LLC raised its stake in shares of PureCycle Technologies by 3.6% during the 4th quarter. Corient Private Wealth LLC now owns 76,479 shares of the company’s stock worth $657,000 after buying an additional 2,692 shares during the period. Finally, Koa Wealth Management LLC raised its stake in shares of PureCycle Technologies by 34.2% during the 1st quarter. Koa Wealth Management LLC now owns 13,825 shares of the company’s stock worth $72,000 after buying an additional 3,525 shares during the period. Hedge funds and other institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Stock Up 6.4%

PCT opened at $3.17 on Thursday. PureCycle Technologies, Inc. has a twelve month low of $2.59 and a twelve month high of $14.19. The company has a quick ratio of 2.42, a current ratio of 2.60 and a debt-to-equity ratio of 27.37. The company has a 50-day moving average price of $4.93 and a 200 day moving average price of $7.40. The company has a market cap of $636.87 million, a PE ratio of -2.17 and a beta of 2.63.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share 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 company had revenue of $4.51 million during the quarter, compared to analysts’ expectations of $6.11 million. Sell-side analysts expect that PureCycle Technologies, Inc. will post -0.90 earnings per share for the current fiscal year.

Insider Activity at PureCycle Technologies

In other news, Director Fernando Musa bought 15,479 shares of the firm’s stock in a transaction dated Friday, September 4th. The shares were acquired at an average price of $6.38 per share, for a total transaction of $98,756.02. Following the completion of the transaction, the director directly owned 175,983 shares in the company, valued at $1,122,771.54. The trade was a 9.64% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 18.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Cantor Fitzgerald decreased their target price on 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 report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $11.75.

PureCycle Technologies Profile

PureCycle Technologies, Inc (NASDAQ:PCT) is a recycling technology company focused on converting waste polypropylene (PP) into recycled resin with properties designed to be comparable to virgin polypropylene. Its technology is intended to remove color, odor and other contaminants from used plastic, expanding the potential for recycled PP in applications that traditionally rely on virgin materials.

The company processes post-consumer and post-industrial polypropylene feedstock into purified recycled polypropylene products.