PNC Financial Services Group Inc. Trims Stake in PureCycle Technologies, Inc. (NASDAQ:PCT)

PNC Financial Services Group Inc. lowered its position in PureCycle Technologies, Inc. (NASDAQ:PCT) by 10.4% during the 4th quarter, HoldingsChannel reports. The fund owned 691,651 shares of the company’s stock after selling 80,114 shares during the period. PNC Financial Services Group Inc.’s holdings in PureCycle Technologies were worth $7,089,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Highview Capital Management LLC DE bought a new position in shares of PureCycle Technologies in the fourth quarter worth about $324,000. Sylebra Capital LLC grew its holdings in shares of PureCycle Technologies by 14.6% in the third quarter. Sylebra Capital LLC now owns 33,457,649 shares of the company’s stock worth $317,848,000 after purchasing an additional 4,264,393 shares during the last quarter. IHT Wealth Management LLC bought a new position in shares of PureCycle Technologies in the third quarter worth about $485,000. Drive Wealth Management LLC grew its holdings in shares of PureCycle Technologies by 767.7% in the fourth quarter. Drive Wealth Management LLC now owns 308,027 shares of the company’s stock worth $3,157,000 after purchasing an additional 272,527 shares during the last quarter. Finally, Simplify Asset Management Inc. grew its holdings in shares of PureCycle Technologies by 67.4% in the third quarter. Simplify Asset Management Inc. now owns 1,772,056 shares of the company’s stock worth $16,835,000 after purchasing an additional 713,664 shares during the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Insider Activity

In other news, major shareholder Sylebra Capital Llc purchased 619,925 shares of the stock in a transaction dated Thursday, February 6th. The shares were acquired at an average cost of $8.06 per share, for a total transaction of $4,996,595.50. Following the acquisition, the insider now owns 34,077,574 shares of the company’s stock, valued at approximately $274,665,246.44. This represents a 1.85 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 11.44% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on PCT shares. TD Cowen upped their price target on shares of PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price target on shares of PureCycle Technologies in a report on Tuesday, November 19th.

PureCycle Technologies Stock Up 3.4 %

Shares of PureCycle Technologies stock opened at $7.66 on Thursday. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.74 and a quick ratio of 1.63. PureCycle Technologies, Inc. has a 1 year low of $4.50 and a 1 year high of $15.58. The firm’s 50-day moving average is $9.39 and its two-hundred day moving average is $10.06. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -5.11 and a beta of 1.55.

PureCycle Technologies (NASDAQ:PCT) last issued its earnings results on Thursday, February 27th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.32). As a group, research analysts expect that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc engages in the production of recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled polypropylene resin that has multiple applications, including packaging and labeling for consumer products, piping, ropes, cabling, and plastic parts for various industries.