Fintel reports that on August 10, 2023, Oppenheimer maintained coverage of PureCycle Technologies (NASDAQ:PCT) with a Outperform recommendation.
Analyst Price Forecast Suggests 28.88% Upside
As of August 2, 2023, the average one-year price target for PureCycle Technologies is 13.85. The forecasts range from a low of 12.12 to a high of $16.80. The average price target represents an increase of 28.88% from its latest reported closing price of 10.75.
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The projected annual revenue for PureCycle Technologies is 52MM. The projected annual non-GAAP EPS is -0.62.
What is the Fund Sentiment?
There are 311 funds or institutions reporting positions in PureCycle Technologies. This is a decrease of 1 owner(s) or 0.32% in the last quarter. Average portfolio weight of all funds dedicated to PCT is 0.28%, an increase of 72.53%. Total shares owned by institutions increased in the last three months by 0.09% to 102,888K shares. 
The put/call ratio of PCT is 0.26, indicating a bullish outlook.
What are Other Shareholders Doing?
Sylebra Capital holds 29,193K shares representing 17.84% ownership of the company. No change in the last quarter.
Samlyn Capital holds 6,849K shares representing 4.18% ownership of the company. In it's prior filing, the firm reported owning 7,588K shares, representing a decrease of 10.79%. The firm decreased its portfolio allocation in PCT by 13.37% over the last quarter.
Abundance Wealth Counselors holds 6,353K shares representing 3.88% ownership of the company. In it's prior filing, the firm reported owning 7,743K shares, representing a decrease of 21.88%. The firm increased its portfolio allocation in PCT by 156.35% over the last quarter.
BNP Paribas Asset Management Holding holds 3,521K shares representing 2.15% ownership of the company. In it's prior filing, the firm reported owning 4,388K shares, representing a decrease of 24.63%. The firm decreased its portfolio allocation in PCT by 19.55% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 3,274K shares representing 2.00% ownership of the company. In it's prior filing, the firm reported owning 3,186K shares, representing an increase of 2.67%. The firm decreased its portfolio allocation in PCT by 1.76% over the last quarter.
PureCycle Technologies Background Information
(This description is provided by the company.)
PureCycle’s ground-breaking, patented recycling process, developed and licensed by Procter & Gamble (“P&G”) and commercialized by PureCycle, separates color, odor and other contaminants from plastic waste feedstock to transform it into Ultra-Pure Recycled Polypropylene (“UPRP”) resin with virgin-like properties. The PureCycle process creates an opportunity to fully close the loop in the creation of recycled polypropylene (“rPP”), which, while being one of the highest volume, most versatile and robust plastics, has an extremely low reclamation rate across the globe. PureCycle holds the possibility to solve for the ongoing problem of recycling the approximately 170 billion pounds of PP produced every year, which has averaged a 5% rate of growth over the last five years. Consumer demand, combined with major multinational sustainability commitments, reinforced by new stringent recycled content restrictions and non-recycled plastic taxes, have led to substantial interest in, and demand for, PureCycle’s UPRP. Today there is virtually no UPRP in the market, and PureCycle is the first company to solely focus on recycling and reintegrating polypropylene upstream into high-value, consumer-facing applications. To date, PureCycle has established strategic partnerships and supply contracts across the plastics value chain including, but not limited to, resin producers, converters, and consumer facing brands. The PureCycle technology is being brought to market by a strong management team with deep expertise and a demonstrated history of bringing disruptive technologies to market. Over the last three years, PureCycle has built a series of strategic partnerships with major multinational corporations and players in the plastics industry and has memorialized demand commitments through long-term contracts and letters of intent for almost four times (4x) the output of its first production facility in Ironton, Ohio. PureCycle has been recognized by the American Chemistry Council for its innovation in plastics recycling and, more recently, was recognized by Time Magazine as one of the Top 100 Inventions of the Year in 2019.
Additional reading:
- PureCycle Technologies Provides Second Quarter 2023 Update
- 1 Second Quarter 2023 Corporate Update August 9, 2023 Exhibit 99.2 2 Forward-Looking Statements Certain statements in this Presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (th
- PureCycle Technologies, LLC. QUARTERLY SUBMISSION SUMMARY
- SECOND AMENDMENT TO CREDIT AGREEMENT
- PURECYCLE’S IRONTON PLANT PRODUCES FIRST PELLETS
This story originally appeared on Fintel.
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