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

Maridea Wealth Management LLC reduced its stake in PureCycle Technologies, Inc. (NASDAQ:PCT) by 89.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 54,174 shares of the company’s stock after selling 451,232 shares during the quarter. Maridea Wealth Management LLC’s holdings in PureCycle Technologies were worth $281,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Wealth Effects LLC increased its position in PureCycle Technologies by 10.8% during the 1st quarter. Wealth Effects LLC now owns 51,400 shares of the company’s stock valued at $267,000 after purchasing an additional 5,000 shares during the period. OLD National Bancorp IN acquired a new stake in shares of PureCycle Technologies during the first quarter worth $201,000. Apella Capital LLC increased its position in shares of PureCycle Technologies by 17.4% during the first quarter. Apella Capital LLC now owns 76,960 shares of the company’s stock worth $399,000 after buying an additional 11,425 shares during the period. Keudell Morrison Wealth Management raised its stake in PureCycle Technologies by 62.5% during the first quarter. Keudell Morrison Wealth Management now owns 55,116 shares of the company’s stock worth $286,000 after buying an additional 21,191 shares during the last quarter. Finally, Sovereign Financial Group Inc. lifted its holdings in PureCycle Technologies by 25.8% in the first quarter. Sovereign Financial Group Inc. now owns 34,599 shares of the company’s stock valued at $180,000 after buying an additional 7,100 shares during the period. 63.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Northland Securities set a $13.00 price target on shares of PureCycle Technologies in a research report on Friday, June 12th. Alembic Global Advisors set a $16.00 price objective on PureCycle Technologies in a research note on Tuesday, June 16th. TD Cowen cut their target price on PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Friday, May 8th. Wall Street Zen cut PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 10th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of PureCycle Technologies in a report on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, PureCycle Technologies has a consensus rating of “Moderate Buy” and an average target price of $12.25.

PureCycle Technologies Stock Performance

PCT opened at $7.79 on Monday. The company has a fifty day moving average price of $9.74 and a two-hundred day moving average price of $8.71. PureCycle Technologies, Inc. has a 1-year low of $4.93 and a 1-year high of $17.37. The company has a market cap of $1.41 billion, a P/E ratio of -5.30 and a beta of 2.48. The company has a current ratio of 1.71, a quick ratio of 1.57 and a debt-to-equity ratio of 47.59.

PureCycle Technologies (NASDAQ:PCT) last issued its earnings results on Wednesday, May 6th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate 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 company had revenue of $4.13 million during the quarter, compared to the consensus estimate of $3.83 million. Analysts predict that PureCycle Technologies, Inc. will post -0.97 EPS for the current fiscal year.

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.