PureCycle Technologies, Inc. (NASDAQ:PCT) Shares Sold by Drive Wealth Management LLC

Key Points

• Drive Wealth Management LLC significantly reduced its stake in PureCycle Technologies by 85.8% in the first quarter, leaving it with 43,755 shares valued at $303,000.
• Several other institutional investors increased their positions in PureCycle Technologies, with Fortis Group Advisors LLC boosting its stake by 587.4% during the same period.
• Analyst ratings for PureCycle Technologies are mixed; while Cantor Fitzgerald raised its price target to $16.00, Wall Street Zen downgraded it to a "sell" rating, indicating varied outlooks among analysts.

Drive Wealth Management LLC lessened its holdings in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 85.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 43,755 shares of the company's stock after selling 264,272 shares during the quarter. Drive Wealth Management LLC's holdings in PureCycle Technologies were worth $303,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of PCT. NewEdge Advisors LLC lifted its position in shares of PureCycle Technologies by 0.4% during the 4th quarter. NewEdge Advisors LLC now owns 322,491 shares of the company's stock valued at $3,306,000 after buying an additional 1,330 shares in the last quarter. Summit Investment Advisors Inc. lifted its holdings in PureCycle Technologies by 11.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 12,897 shares of the company's stock valued at $132,000 after purchasing an additional 1,352 shares in the last quarter. Arizona State Retirement System lifted its holdings in PureCycle Technologies by 5.9% in the 1st quarter. Arizona State Retirement System now owns 37,301 shares of the company's stock valued at $258,000 after purchasing an additional 2,084 shares in the last quarter. Nwam LLC lifted its holdings in PureCycle Technologies by 11.8% in the 1st quarter. Nwam LLC now owns 21,058 shares of the company's stock valued at $146,000 after purchasing an additional 2,220 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in PureCycle Technologies by 3.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 70,088 shares of the company's stock valued at $718,000 after purchasing an additional 2,360 shares in the last quarter. Institutional investors and hedge funds own 63.01% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on PCT. Cantor Fitzgerald reiterated an "overweight" rating and set a $16.00 price target (up previously from $12.00) on shares of PureCycle Technologies in a report on Tuesday, June 24th. Wall Street Zen lowered shares of PureCycle Technologies from a "hold" rating to a "sell" rating in a report on Monday, July 21st. Finally, TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a research report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $12.50.

PureCycle Technologies Price Performance

PCT stock traded up $0.02 on Wednesday, reaching $14.04. 879,362 shares of the company's stock were exchanged, compared to its average volume of 3,073,752. 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 firm has a market cap of $2.52 billion, a PE ratio of -11.98 and a beta of 1.90. PureCycle Technologies, Inc. has a twelve month low of $4.50 and a twelve month high of $17.37. The stock has a fifty day moving average of $12.94 and a 200-day moving average of $9.75.

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

About PureCycle Technologies

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.