PNC Financial Services Group Inc. Raises Stock Holdings in PureCycle Technologies, Inc. $PCT

PNC Financial Services Group Inc. grew its position in shares of PureCycle Technologies, Inc. (NASDAQ:PCT) by 18.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,445,556 shares of the company’s stock after acquiring an additional 222,996 shares during the quarter. PNC Financial Services Group Inc.’s holdings in PureCycle Technologies were worth $7,502,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. SWS Partners raised its stake in PureCycle Technologies by 31.9% during the fourth quarter. SWS Partners now owns 988,463 shares of the company’s stock valued at $8,491,000 after purchasing an additional 238,947 shares in the last quarter. Drive Wealth Management LLC purchased a new position in shares of PureCycle Technologies in the 4th quarter worth $2,180,000. Indivisible Partners bought a new stake in shares of PureCycle Technologies in the 4th quarter worth about $5,803,000. Fortis Group Advisors LLC raised its position in shares of PureCycle Technologies by 85.0% during the 4th quarter. Fortis Group Advisors LLC now owns 238,107 shares of the company’s stock valued at $2,045,000 after buying an additional 109,429 shares in the last quarter. Finally, Ethos Financial Group LLC raised its position in shares of PureCycle Technologies by 41.8% during the 4th quarter. Ethos Financial Group LLC now owns 556,773 shares of the company’s stock valued at $4,783,000 after buying an additional 164,185 shares in the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.

PureCycle Technologies Price Performance

Shares of NASDAQ PCT opened at $5.85 on Monday. PureCycle Technologies, Inc. has a 1 year low of $4.93 and a 1 year high of $15.75. The firm has a 50-day simple moving average of $9.19 and a two-hundred day simple moving average of $8.45. The company has a market cap of $1.06 billion, a P/E ratio of -3.98 and a beta of 2.50. The company has a debt-to-equity ratio of 47.59, a current ratio of 1.71 and a quick ratio of 1.57.

PureCycle Technologies (NASDAQ:PCT) last released its earnings results on Wednesday, May 6th. The company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.05. PureCycle Technologies had a negative return on equity of 393.01% and a negative net margin of 2,062.36%.The firm had revenue of $4.13 million for the quarter, compared to analysts’ expectations of $3.83 million. Research analysts anticipate that PureCycle Technologies, Inc. will post -1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PCT shares. Weiss Ratings reissued a “sell (e+)” rating on shares of PureCycle Technologies in a research note on Friday, June 5th. Northland Securities set a $13.00 target price on PureCycle Technologies in a research report on Friday, June 12th. Alembic Global Advisors set a $16.00 price target on PureCycle Technologies in a report on Tuesday, June 16th. Wall Street Zen lowered shares of PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 10th. Finally, TD Cowen cut their price objective on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, PureCycle Technologies currently has a consensus rating of “Moderate Buy” and an average price target 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.