Abundance Wealth Counselors Has $25.49 Million Position in PureCycle Technologies, Inc. $PCT

Abundance Wealth Counselors lowered its stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 17.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,938,690 shares of the company’s stock after selling 412,000 shares during the period. PureCycle Technologies accounts for 4.4% of Abundance Wealth Counselors’ holdings, making the stock its 5th biggest position. Abundance Wealth Counselors owned about 1.08% of PureCycle Technologies worth $25,494,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. grew its position in shares of PureCycle Technologies by 100.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,383,478 shares of the company’s stock valued at $18,954,000 after acquiring an additional 691,809 shares during the period. Millennium Management LLC acquired a new stake in PureCycle Technologies in the 1st quarter valued at about $3,770,000. Royal Bank of Canada grew its holdings in PureCycle Technologies by 62.4% during the first quarter. Royal Bank of Canada now owns 1,042,338 shares of the company’s stock worth $7,213,000 after purchasing an additional 400,520 shares during the period. Anthracite Investment Company Inc. acquired a new position in PureCycle Technologies during the second quarter worth approximately $2,932,000. Finally, HRT Financial LP bought a new stake in PureCycle Technologies in the second quarter valued at approximately $2,918,000. 63.01% of the stock is owned by institutional investors.

PureCycle Technologies Stock Performance

Shares of NASDAQ PCT opened at $9.23 on Tuesday. The company has a debt-to-equity ratio of 5.21, a current ratio of 2.24 and a quick ratio of 2.15. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of -6.32 and a beta of 2.03. The stock’s fifty day moving average price is $9.25 and its two-hundred day moving average price is $12.23. PureCycle Technologies, Inc. has a one year low of $5.40 and a one year high of $17.37.

PureCycle Technologies (NASDAQ:PCT) last announced its earnings results on Thursday, November 6th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.19). The firm had revenue of $2.43 million for the quarter, compared to the consensus estimate of $6.04 million. On average, equities analysts forecast that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. TD Cowen reiterated a “hold” rating and set a $9.00 target price (down from $16.00) on shares of PureCycle Technologies in a research note on Monday, November 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PureCycle Technologies in a research report on Wednesday, October 8th. Finally, Seaport Res Ptn raised shares of PureCycle Technologies to a “strong-buy” rating in a research report on Wednesday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.67.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra‐pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.

Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.