PureCycle Technologies, Inc. $PCT Shares Acquired by Cibc World Market Inc.

Cibc World Market Inc. lifted its position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 51.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 828,382 shares of the company’s stock after purchasing an additional 279,932 shares during the quarter. Cibc World Market Inc. owned 0.46% of PureCycle Technologies worth $7,116,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. CIBC Asset Management Inc acquired a new stake in shares of PureCycle Technologies during the 4th quarter worth approximately $90,000. AXQ Capital LP acquired a new stake in shares of PureCycle Technologies during the 4th quarter worth approximately $243,000. Clear Harbor Asset Management LLC acquired a new stake in shares of PureCycle Technologies during the 4th quarter worth approximately $648,000. Carnegie Lake Advisors LLC acquired a new stake in shares of PureCycle Technologies during the 4th quarter worth approximately $94,000. Finally, Geode Capital Management LLC grew its stake in shares of PureCycle Technologies by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,365,871 shares of the company’s stock worth $28,918,000 after purchasing an additional 15,536 shares during the period. Institutional investors and hedge funds own 63.01% of the company’s stock.

Wall Street Analysts Forecast Growth

PCT has been the topic of a number of analyst reports. 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. TD Cowen dropped their price objective 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, Cantor Fitzgerald dropped their price objective 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. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $12.00.

PureCycle Technologies Price Performance

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

PureCycle Technologies (NASDAQ:PCT) last issued 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. The company had revenue of $4.13 million during the quarter, compared to analyst estimates of $3.83 million. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. As a group, research analysts predict that PureCycle Technologies, Inc. will post -0.99 EPS for the current fiscal year.

PureCycle Technologies Company 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.