On April 4, 2023 at 10:34:22 ET an unusually large
$114.97K block of Put contracts in PureCycle Technologies, Inc.
(PCT) was bought,
with a strike price of $6.00 / share, expiring in 17 days (on April 21, 2023).
Fintel tracks all large options trades, and the premium spent on this trade was 1.35 sigmas above the mean, placing it in the 90.55 percentile of all recent large trades made in PCT options.
This trade was first picked up on Fintel’s real time Unusual Option Trades
tool, where unusual option trades are highlighted.
Analyst Price Forecast Suggests 119.64% Upside
As of March 30, 2023,
the average one-year price target for PureCycle Technologies, Inc. is $14.94.
The forecasts range from a low of $9.09 to a high of $31.50.
The average price target represents an increase of 119.64% from its latest reported closing price of $6.80.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for PureCycle Technologies, Inc.
is $52MM.
The projected annual non-GAAP EPS
is -$0.62.
What is the Fund Sentiment?
There are 304 funds or institutions reporting positions in PureCycle Technologies, Inc..
This is an increase
of
10
owner(s) or 3.40% in the last quarter.
Average portfolio weight of all funds dedicated to PCT is 0.15%,
a decrease
of 12.82%.
Total shares owned by institutions increased
in the last three months by 1.31% to 101,422K shares.
The put/call ratio of PCT is 0.25, indicating a
bullish
outlook.
What are Large Shareholders Doing?
Sylebra Capital
holds 29,193K shares
representing 17.84% ownership of the company.
No change in the last quarter.
Samlyn Capital
holds 7,588K shares
representing 4.64% ownership of the company.
In it’s prior filing, the firm reported owning 8,686K shares, representing
a decrease
of 14.47%.
The firm
decreased
its portfolio allocation in PCT by 22.93% over the last quarter.
Abundance Wealth Counselors
holds 5,752K shares
representing 3.51% ownership of the company.
In it’s prior filing, the firm reported owning 5,751K shares, representing
an increase
of 0.00%.
The firm
decreased
its portfolio allocation in PCT by 20.25% over the last quarter.
BNP Paribas Asset Management Holding
holds 4,388K shares
representing 2.68% ownership of the company.
In it’s prior filing, the firm reported owning 4,112K shares, representing
an increase
of 6.29%.
The firm
decreased
its portfolio allocation in PCT by 18.79% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares
holds 3,186K shares
representing 1.95% ownership of the company.
In it’s prior filing, the firm reported owning 3,119K shares, representing
an increase
of 2.12%.
The firm
decreased
its portfolio allocation in PCT by 20.97% 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.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
