Abundance Wealth Counselors Sells 278,800 Shares of PureCycle Technologies, Inc. (NASDAQ:PCT)

Abundance Wealth Counselors reduced its holdings in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 10.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,420,887 shares of the company's stock after selling 278,800 shares during the quarter. PureCycle Technologies accounts for 3.5% of Abundance Wealth Counselors' portfolio, making the stock its 5th largest position. Abundance Wealth Counselors owned about 1.35% of PureCycle Technologies worth $16,753,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Huntleigh Advisors Inc. acquired a new stake in PureCycle Technologies in the 1st quarter valued at approximately $4,844,000. Fortitude Advisory Group L.L.C. acquired a new position in shares of PureCycle Technologies during the 1st quarter valued at $152,000. Copia Wealth Management increased its position in shares of PureCycle Technologies by 11.8% during the 1st quarter. Copia Wealth Management now owns 56,064 shares of the company's stock valued at $388,000 after purchasing an additional 5,898 shares during the period. Foster Victor Wealth Advisors LLC increased its position in shares of PureCycle Technologies by 25.9% during the 1st quarter. Foster Victor Wealth Advisors LLC now owns 35,193 shares of the company's stock valued at $244,000 after purchasing an additional 7,242 shares during the period. Finally, Deane Retirement Strategies Inc. increased its position in shares of PureCycle Technologies by 4.9% during the 1st quarter. Deane Retirement Strategies Inc. now owns 71,119 shares of the company's stock valued at $492,000 after purchasing an additional 3,325 shares during the period. 63.01% of the stock is currently owned by institutional investors and hedge funds.

PureCycle Technologies Stock Performance

Shares of NASDAQ PCT opened at $13.69 on Friday. The company has a quick ratio of 0.45, a current ratio of 0.55 and a debt-to-equity ratio of 1.43. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of -11.70 and a beta of 1.80. The stock's fifty day simple moving average is $8.63 and its 200 day simple moving average is $9.08. PureCycle Technologies, Inc. has a 52-week low of $4.50 and a 52-week high of $15.58.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.02). The company had revenue of $1.58 million during the quarter, compared to analyst estimates of $4.27 million. As a group, sell-side analysts forecast that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PCT shares. TD Cowen lowered their price target on PureCycle Technologies from $15.00 to $13.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Wall Street Zen upgraded PureCycle Technologies from a "sell" rating to a "hold" rating in a research report on Saturday, June 14th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $12.00.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc engages in the production of recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled polypropylene resin that has multiple applications, including packaging and labeling for consumer products, piping, ropes, cabling, and plastic parts for various industries.

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