PureCycle Technologies, Inc. $PCT is Abundance Wealth Counselors’ 7th Largest Position

Abundance Wealth Counselors reduced its position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 6.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,813,690 shares of the company’s stock after selling 125,000 shares during the period. PureCycle Technologies makes up 2.6% of Abundance Wealth Counselors’ portfolio, making the stock its 7th biggest holding. Abundance Wealth Counselors owned about 1.01% of PureCycle Technologies worth $15,580,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PCT. Larson Financial Group LLC grew its position in shares of PureCycle Technologies by 6,571.8% during the 3rd quarter. Larson Financial Group LLC now owns 2,602 shares of the company’s stock valued at $34,000 after purchasing an additional 2,563 shares in the last quarter. Advisory Services Network LLC purchased a new position in PureCycle Technologies in the 3rd quarter worth approximately $35,000. Farther Finance Advisors LLC grew its stake in PureCycle Technologies by 3,047.8% in the 4th quarter. Farther Finance Advisors LLC now owns 9,160 shares of the company’s stock worth $79,000 after buying an additional 8,869 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new position in PureCycle Technologies in the 4th quarter worth approximately $88,000. Finally, Occidental Asset Management LLC purchased a new position in PureCycle Technologies in the 4th quarter worth approximately $109,000. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PCT has been the subject of a number of research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of PureCycle Technologies in a research note on Thursday, January 22nd. Cantor Fitzgerald cut their price target on shares of PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

PureCycle Technologies Stock Up 8.5%

Shares of PCT opened at $6.73 on Wednesday. The firm has a market cap of $1.22 billion, a P/E ratio of -5.56 and a beta of 2.10. The stock has a 50 day simple moving average of $6.84 and a two-hundred day simple moving average of $9.28. The company has a debt-to-equity ratio of 7.62, a current ratio of 2.26 and a quick ratio of 2.15. PureCycle Technologies, Inc. has a 1 year low of $4.93 and a 1 year high of $17.37.

PureCycle Technologies (NASDAQ:PCT) last issued its earnings results on Thursday, February 26th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.17). The firm had revenue of $2.70 million during the quarter, compared to analysts’ expectations of $6.37 million. PureCycle Technologies had a negative return on equity of 204.74% and a negative net margin of 2,185.10%. On average, analysts forecast that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

PureCycle Technologies 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.