Miller Financial Services LLC Makes New Investment in PureCycle Technologies, Inc. (NASDAQ:PCT)

Miller Financial Services LLC bought a new stake in PureCycle Technologies, Inc. (NASDAQ:PCT) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 13,400 shares of the company’s stock, valued at approximately $137,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Jones Financial Companies Lllp grew its stake in shares of PureCycle Technologies by 286.0% during the 4th quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company’s stock worth $32,000 after purchasing an additional 2,291 shares during the period. US Bancorp DE increased its holdings in PureCycle Technologies by 141.5% in the fourth quarter. US Bancorp DE now owns 3,446 shares of the company’s stock valued at $35,000 after buying an additional 2,019 shares in the last quarter. Keudell Morrison Wealth Management acquired a new stake in shares of PureCycle Technologies during the 4th quarter valued at approximately $117,000. Proficio Capital Partners LLC acquired a new stake in shares of PureCycle Technologies during the 4th quarter valued at approximately $127,000. Finally, Truist Financial Corp acquired a new stake in shares of PureCycle Technologies in the 4th quarter worth approximately $145,000. Hedge funds and other institutional investors own 63.01% of the company’s stock.

PureCycle Technologies Stock Performance

PureCycle Technologies stock opened at $7.41 on Wednesday. PureCycle Technologies, Inc. has a fifty-two week low of $4.50 and a fifty-two week high of $15.58. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -4.94 and a beta of 1.55. The stock has a fifty day moving average of $9.45 and a two-hundred day moving average of $10.08. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.63 and a current ratio of 1.74.

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PCT. TD Cowen lifted their price objective on PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Stifel Nicolaus increased their price objective on shares of PureCycle Technologies from $8.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $14.00 target price on shares of PureCycle Technologies in a report on Tuesday, November 19th.

Insider Activity

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc acquired 619,925 shares of the stock in a transaction dated Thursday, February 6th. The stock was acquired at an average price of $8.06 per share, with a total value of $4,996,595.50. Following the completion of the transaction, the insider now directly owns 34,077,574 shares in the company, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 11.44% of the company’s stock.

PureCycle Technologies 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.