PNC Financial Services Group Inc. Reduces Holdings in PureCycle Technologies, Inc. (NASDAQ:PCT)

PNC Financial Services Group Inc. trimmed its stake in PureCycle Technologies, Inc. (NASDAQ:PCT) by 10.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 691,651 shares of the company’s stock after selling 80,114 shares during the period. PNC Financial Services Group Inc. owned 0.40% of PureCycle Technologies worth $7,089,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC increased its stake in shares of PureCycle Technologies by 0.5% in the 3rd quarter. FMR LLC now owns 230,755 shares of the company’s stock worth $2,192,000 after acquiring an additional 1,083 shares in the last quarter. US Bancorp DE increased its stake in shares of PureCycle Technologies by 141.5% in the 4th quarter. US Bancorp DE now owns 3,446 shares of the company’s stock worth $35,000 after acquiring an additional 2,019 shares in the last quarter. Arizona State Retirement System increased its stake in shares of PureCycle Technologies by 6.1% in the 4th quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock worth $361,000 after acquiring an additional 2,033 shares in the last quarter. Pine Valley Investments Ltd Liability Co increased its stake in shares of PureCycle Technologies by 13.8% in the 4th quarter. Pine Valley Investments Ltd Liability Co now owns 18,390 shares of the company’s stock worth $188,000 after acquiring an additional 2,230 shares in the last quarter. Finally, Jones Financial Companies Lllp increased its stake in shares of PureCycle Technologies by 286.0% in the 4th quarter. Jones Financial Companies Lllp now owns 3,092 shares of the company’s stock worth $32,000 after acquiring an additional 2,291 shares in the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

PureCycle Technologies Stock Up 3.4 %

PCT opened at $7.66 on Thursday. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36. The firm has a 50 day moving average price of $9.39 and a 200-day moving average price of $10.06. PureCycle Technologies, Inc. has a twelve month low of $4.50 and a twelve month high of $15.58. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of -5.11 and a beta of 1.55.

PureCycle Technologies (NASDAQ:PCT) last released its quarterly earnings data 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). Equities research analysts forecast that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc bought 619,925 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The stock was purchased at an average price of $8.06 per share, for a total transaction of $4,996,595.50. Following the completion of the transaction, the insider now owns 34,077,574 shares in the company, valued at $274,665,246.44. The trade was a 1.85 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 11.44% of the company’s stock.

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.