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

Simplify Asset Management Inc. lifted its holdings in PureCycle Technologies, Inc. (NASDAQ:PCT) by 227.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,933,564 shares of the company’s stock after purchasing an additional 1,342,955 shares during the quarter. PureCycle Technologies comprises about 0.3% of Simplify Asset Management Inc.’s portfolio, making the stock its 16th biggest position. Simplify Asset Management Inc.’s holdings in PureCycle Technologies were worth $16,609,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Hohimer Wealth Management LLC acquired a new stake in shares of PureCycle Technologies in the 3rd quarter worth $6,452,000. SWS Partners boosted its position in shares of PureCycle Technologies by 31.9% in the 4th quarter. SWS Partners now owns 988,463 shares of the company’s stock worth $8,491,000 after purchasing an additional 238,947 shares in the last quarter. Fiscal Wisdom Wealth Management LLC acquired a new stake in shares of PureCycle Technologies in the 3rd quarter worth $2,798,000. Principal Financial Group Inc. acquired a new stake in shares of PureCycle Technologies in the 3rd quarter worth $890,000. Finally, First National Bank of Omaha acquired a new stake in shares of PureCycle Technologies in the 3rd quarter worth $2,684,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

PureCycle Technologies Stock Performance

Shares of PCT opened at $11.32 on Monday. The stock has a 50-day moving average of $7.35 and a two-hundred day moving average of $8.48. PureCycle Technologies, Inc. has a one year low of $4.93 and a one year high of $17.37. The company has a debt-to-equity ratio of 47.59, a quick ratio of 1.57 and a current ratio of 1.71. The stock has a market cap of $2.05 billion, a P/E ratio of -7.70 and a beta of 2.31.

PureCycle Technologies (NASDAQ:PCT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $4.13 million during the quarter, compared to analysts’ expectations of $3.83 million. As a group, research analysts predict that PureCycle Technologies, Inc. will post -0.99 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on PCT. TD Cowen lowered their price objective on PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Friday, May 8th. Cantor Fitzgerald lowered their price objective on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Finally, Wall Street Zen cut PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 10th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, PureCycle Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

PureCycle Technologies Profile

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.