Thu Sep 19 09:00:39 UTC 2024: ## Arizona State Retirement System Boosts Investment in PureCycle Technologies

**New York, NY (MarketBeat News)** – Arizona State Retirement System increased its stake in PureCycle Technologies, Inc. (NYSE: PCT) by 10% during the second quarter, according to the company’s latest SEC filing. The fund now owns 32,225 shares of the company’s stock, valued at $191,000.

This move follows a trend of several other hedge funds adjusting their positions in the recycled polypropylene producer. Abundance Wealth Counselors grew its position by 6%, now owning 7,189,490 shares valued at $42,562,000. SWS Partners also increased its holdings by 3.3% to 895,545 shares worth $5,302,000.

Meanwhile, Van ECK Associates Corp. acquired a new position in PureCycle Technologies worth $3,121,000 during the second quarter. First National Bank of Omaha raised its stake by 1%, now owning 464,053 shares valued at $1,879,000. Lastly, Bank of New York Mellon Corp lifted its position by 15.8%, holding 448,088 shares valued at $2,653,000.

Institutional investors currently hold 63.01% of PureCycle Technologies’ stock.

**Analysts Remain Optimistic Despite Recent Earnings Miss**

Analysts have recently commented on PureCycle Technologies, with Craig Hallum lifting its price objective to $6.00 and maintaining a “hold” rating. TD Cowen raised its target to $10.00 and assigned a “buy” rating, while Stifel Nicolaus boosted its objective to $8.00 and also gave a “buy” rating. Currently, four investment analysts rate the stock as “hold” and two as “buy,” with an average rating of “Hold” and an average price target of $6.75.

Despite PureCycle Technologies reporting a loss of $0.32 per share for the second quarter, missing analysts’ estimates of ($0.19), analysts remain optimistic about the company’s future. They anticipate PureCycle Technologies to post -0.87 earnings per share for the current year.

**Insiders Show Confidence**

In other news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of PureCycle Technologies stock in a transaction dated September 13th, spending a total of $20,000,003.17. This purchase indicates a significant confidence in the company’s future prospects.

With a market capitalization of $1.34 billion and a beta of 1.60, PureCycle Technologies continues to attract attention from investors and analysts alike.

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