Abundance Wealth Counselors Sells 70,197 Shares of PureCycle Technologies, Inc. $PCT

Key Points

• Abundance Wealth Counselors has reduced its stake in PureCycle Technologies by 2.9%, selling 70,197 shares, while still maintaining a holding of approximately $32.2 million.
• After reporting a loss of ($0.35) EPS, PureCycle Technologies missed analysts' estimates and had significantly lower revenue than expected, with only $1.65 million compared to an estimate of $4.10 million.
• Equity analysts have mixed ratings on PureCycle Technologies, with two suggesting a "Strong Buy" and four indicating a "Buy," while the consensus price target stands at $15.00.

Abundance Wealth Counselors cut its holdings in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 2.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,350,690 shares of the company's stock after selling 70,197 shares during the period. PureCycle Technologies comprises approximately 6.0% of Abundance Wealth Counselors' portfolio, making the stock its 2nd largest position. Abundance Wealth Counselors owned 1.31% of PureCycle Technologies worth $32,204,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PCT. NBC Securities Inc. acquired a new stake in PureCycle Technologies during the 1st quarter worth approximately $25,000. CWM LLC boosted its stake in shares of PureCycle Technologies by 158.7% in the 1st quarter. CWM LLC now owns 4,960 shares of the company's stock valued at $34,000 after purchasing an additional 3,043 shares during the last quarter. KBC Group NV bought a new stake in shares of PureCycle Technologies in the 1st quarter valued at $41,000. Kathmere Capital Management LLC bought a new stake in shares of PureCycle Technologies in the 1st quarter valued at $69,000. Finally, LJI Wealth Management LLC bought a new stake in shares of PureCycle Technologies in the 1st quarter valued at $86,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

PureCycle Technologies Stock Up 4.2%

PureCycle Technologies stock opened at $13.38 on Friday. The company has a quick ratio of 2.07, a current ratio of 2.14 and a debt-to-equity ratio of 3.54. PureCycle Technologies, Inc. has a 12-month low of $5.40 and a 12-month high of $17.37. The firm's fifty day moving average is $13.40 and its 200 day moving average is $11.10. The company has a market capitalization of $2.41 billion, a PE ratio of -7.92 and a beta of 2.01.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.12). The company had revenue of $1.65 million for the quarter, compared to the consensus estimate of $4.10 million. As a group, sell-side analysts predict that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PCT shares. Northland Securities started coverage on shares of PureCycle Technologies in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $16.00 price objective on the stock. Wall Street Zen lowered shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a research note on Monday, July 21st. Northland Capmk raised shares of PureCycle Technologies to a "strong-buy" rating in a research note on Tuesday, August 26th. TD Cowen raised shares of PureCycle Technologies to a "strong-buy" rating in a research note on Monday, June 23rd. Finally, Cowen reaffirmed a "buy" rating on shares of PureCycle Technologies in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to data from MarketBeat.com, PureCycle Technologies presently has an average rating of "Buy" and a consensus price target of $15.00.

PureCycle Technologies 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.

Want to see what other hedge funds are holding PCT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.