Bank of America Corp DE Has $5.44 Million Position in PureCycle Technologies, Inc. $PCT

Key Points

• Bank of America cut its PureCycle Technologies stake by 40.9% in the first quarter, selling 725,229 shares and retaining 1.05 million shares worth approximately $5.44 million.
• PureCycle shares opened at $6.65, down 0.6%, while the company reported a quarterly loss of $0.80 per share and revenue of $4.51 million—both worse than analyst expectations.
• Analysts maintain a consensus “Hold” rating with an average price target of $11.75, though targets range from $6 to $16; institutional investors and hedge funds collectively own 63.01% of the stock.

Bank of America Corp DE reduced its stake in shares of PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 40.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,047,610 shares of the company's stock after selling 725,229 shares during the period. Bank of America Corp DE owned 0.58% of PureCycle Technologies worth $5,437,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Integrated Wealth Concepts LLC increased its position in PureCycle Technologies by 4.3% in the 1st quarter. Integrated Wealth Concepts LLC now owns 36,571 shares of the company's stock worth $253,000 after purchasing an additional 1,516 shares during the last quarter. ProShare Advisors LLC increased its holdings in PureCycle Technologies by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 23,738 shares of the company's stock worth $204,000 after buying an additional 1,526 shares during the last quarter. Lido Advisors LLC increased its holdings in PureCycle Technologies by 5.0% in the third quarter. Lido Advisors LLC now owns 32,824 shares of the company's stock worth $432,000 after buying an additional 1,574 shares during the last quarter. Cetera Investment Advisers raised its position in PureCycle Technologies by 1.7% during the first quarter. Cetera Investment Advisers now owns 110,643 shares of the company's stock valued at $574,000 after acquiring an additional 1,823 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in PureCycle Technologies by 17.6% during the first quarter. Sequoia Financial Advisors LLC now owns 13,451 shares of the company's stock valued at $70,000 after acquiring an additional 2,016 shares in the last quarter. 63.01% of the stock is owned by institutional investors and hedge funds.

PureCycle Technologies Trading Down 0.6%

Shares of NASDAQ:PCT opened at $6.65 on Friday. The company has a market cap of $1.34 billion, a P/E ratio of -4.55 and a beta of 2.57. The stock's 50-day moving average is $7.03 and its 200-day moving average is $7.81. PureCycle Technologies, Inc. has a 52-week low of $4.93 and a 52-week high of $15.49. The company has a debt-to-equity ratio of 27.37, a quick ratio of 2.42 and a current ratio of 2.60.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.51). PureCycle Technologies had a negative return on equity of 612.39% and a negative net margin of 1,618.84%.The business had revenue of $4.51 million for the quarter, compared to analyst estimates of $6.11 million. Equities research analysts predict that PureCycle Technologies, Inc. will post -0.9 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on PCT. Alembic Global Advisors set a $16.00 target price on shares of PureCycle Technologies in a research report on Tuesday, June 16th. Weiss Ratings restated a "sell (e+)" rating on shares of PureCycle Technologies in a report on Friday, June 5th. Cantor Fitzgerald reduced their price objective on shares of PureCycle Technologies from $14.00 to $12.00 and set an "overweight" rating for the company in a research note on Friday, August 7th. 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 report on Friday, May 8th. Finally, Northland Securities set a $13.00 target price on shares of PureCycle Technologies in a research report on Friday, June 12th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, PureCycle Technologies has a consensus rating of "Hold" and an average price target of $11.75.

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.

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