Maridea Wealth Management LLC Sells 451,232 Shares of PureCycle Technologies, Inc. $PCT

Maridea Wealth Management LLC cut its holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 89.3% in the 1st quarter, HoldingsChannel reports. The fund owned 54,174 shares of the company’s stock after selling 451,232 shares during the period. Maridea Wealth Management LLC’s holdings in PureCycle Technologies were worth $281,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Simplify Asset Management Inc. boosted its holdings in PureCycle Technologies by 227.4% during the 4th quarter. Simplify Asset Management Inc. now owns 1,933,564 shares of the company’s stock worth $16,609,000 after acquiring an additional 1,342,955 shares during the last quarter. HRT Financial LP raised its holdings in shares of PureCycle Technologies by 208.2% in the fourth quarter. HRT Financial LP now owns 1,072,543 shares of the company’s stock valued at $9,213,000 after purchasing an additional 724,495 shares during the last quarter. Indivisible Partners purchased a new stake in shares of PureCycle Technologies in the fourth quarter valued at about $5,803,000. Millennium Management LLC bought a new position in shares of PureCycle Technologies during the first quarter valued at about $3,770,000. Finally, Bank of America Corp DE lifted its position in shares of PureCycle Technologies by 583.2% during the third quarter. Bank of America Corp DE now owns 623,293 shares of the company’s stock valued at $8,196,000 after purchasing an additional 532,062 shares in the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.

PureCycle Technologies Stock Performance

NASDAQ PCT opened at $7.79 on Monday. PureCycle Technologies, Inc. has a 52-week low of $4.93 and a 52-week high of $17.37. The company has a 50-day simple moving average of $9.74 and a 200 day simple moving average of $8.71. The company has a debt-to-equity ratio of 47.59, a quick ratio of 1.57 and a current ratio of 1.71. The company has a market capitalization of $1.41 billion, a PE ratio of -5.30 and a beta of 2.48.

PureCycle Technologies (NASDAQ:PCT) last released its earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.05. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. The firm had revenue of $4.13 million for the quarter, compared to analysts’ expectations of $3.83 million. On average, research analysts predict that PureCycle Technologies, Inc. will post -0.97 EPS for the current year.

Analyst Upgrades and Downgrades

PCT has been the subject of several analyst reports. TD Cowen decreased their price objective on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Northland Securities set a $13.00 target price on PureCycle Technologies in a research note on Friday, June 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PureCycle Technologies in a report on Friday, June 5th. Wall Street Zen downgraded PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 10th. Finally, Alembic Global Advisors set a $16.00 price target on PureCycle Technologies in a research report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.25.

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.