Cibc World Market Inc. Raises Stock Position in PureCycle Technologies, Inc. $PCT

Cibc World Market Inc. increased its stake in PureCycle Technologies, Inc. (NASDAQ:PCT) by 51.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 828,382 shares of the company’s stock after acquiring an additional 279,932 shares during the quarter. Cibc World Market Inc.’s holdings in PureCycle Technologies were worth $7,116,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Focused Wealth Management Inc boosted its stake in PureCycle Technologies by 7.1% during the 4th quarter. Focused Wealth Management Inc now owns 15,005 shares of the company’s stock worth $129,000 after purchasing an additional 1,000 shares during the last quarter. Integrated Wealth Concepts LLC boosted its stake in PureCycle Technologies by 4.3% during the 1st quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company’s stock worth $253,000 after purchasing an additional 1,516 shares during the last quarter. ProShare Advisors LLC boosted its stake in PureCycle Technologies by 6.9% during the 4th quarter. ProShare Advisors LLC now owns 23,738 shares of the company’s stock worth $204,000 after purchasing an additional 1,526 shares during the last quarter. Lido Advisors LLC boosted its stake in PureCycle Technologies by 5.0% during the 3rd quarter. Lido Advisors LLC now owns 32,824 shares of the company’s stock worth $432,000 after purchasing an additional 1,574 shares during the last quarter. Finally, Round Rock Advisors LLC boosted its stake in PureCycle Technologies by 7.5% during the 4th quarter. Round Rock Advisors LLC now owns 28,202 shares of the company’s stock worth $242,000 after purchasing an additional 1,977 shares during the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Stock Down 10.3%

NASDAQ PCT opened at $12.52 on Friday. PureCycle Technologies, Inc. has a 52 week low of $4.93 and a 52 week high of $17.37. The company has a quick ratio of 1.57, a current ratio of 1.71 and a debt-to-equity ratio of 47.59. The business’s fifty day simple moving average is $8.75 and its 200-day simple moving average is $8.68. The firm has a market cap of $2.26 billion, a PE ratio of -8.52 and a beta of 2.48.

PureCycle Technologies (NASDAQ:PCT) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.05. PureCycle Technologies had a negative return on equity of 393.01% and a negative net margin of 2,062.36%.The business had revenue of $4.13 million for the quarter, compared to analyst estimates of $3.83 million. As a group, equities analysts anticipate that PureCycle Technologies, Inc. will post -0.99 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PCT shares. Cantor Fitzgerald lowered their target price on shares of PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, February 27th. Wall Street Zen cut shares of PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 10th. Finally, TD Cowen lowered their target price 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. One investment 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 issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $12.00.

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.