Drive Wealth Management LLC Purchases New Position in PureCycle Technologies, Inc. $PCT

Key Points

• Drive Wealth Management opened a new position in PureCycle Technologies, buying 253,752 shares worth about $2.18 million in the fourth quarter and ending with roughly 0.14% ownership.
• Institutional interest in PCT remains significant, with hedge funds and other large investors holding about 63.01% of the stock.
• PureCycle reported quarterly EPS of -$0.21, beating estimates, and revenue of $4.13 million, also above expectations, but analysts still see losses ahead and currently rate the stock a Moderate Buy with a $12 average price target.

Drive Wealth Management LLC purchased a new stake in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 253,752 shares of the company's stock, valued at approximately $2,180,000. Drive Wealth Management LLC owned approximately 0.14% of PureCycle Technologies at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PCT. Hohimer Wealth Management LLC purchased a new position in PureCycle Technologies in the 3rd quarter valued at about $6,452,000. SWS Partners boosted its position in PureCycle Technologies by 31.9% in the 4th quarter. SWS Partners now owns 988,463 shares of the company's stock valued at $8,491,000 after buying an additional 238,947 shares during the last quarter. Fiscal Wisdom Wealth Management LLC purchased a new position in PureCycle Technologies in the 3rd quarter valued at about $2,798,000. Principal Financial Group Inc. purchased a new position in PureCycle Technologies in the 3rd quarter valued at about $890,000. Finally, First National Bank of Omaha purchased a new position in PureCycle Technologies in the 3rd quarter valued at about $2,684,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

PureCycle Technologies Stock Performance

Shares of PCT stock opened at $9.53 on Monday. The company has a debt-to-equity ratio of 47.59, a quick ratio of 1.57 and a current ratio of 1.71. PureCycle Technologies, Inc. has a one year low of $4.93 and a one year high of $17.37. The company's 50-day simple moving average is $6.30 and its 200-day simple moving average is $8.58. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of -6.48 and a beta of 2.31.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.05. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. The business had revenue of $4.13 million for the quarter, compared to analysts' expectations of $3.83 million. Equities analysts anticipate that PureCycle Technologies, Inc. will post -0.93 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PCT shares. Wall Street Zen cut shares of PureCycle Technologies from a "sell" rating to a "strong sell" rating in a research report on Sunday. Weiss Ratings reissued a "sell (d-)" rating on shares of PureCycle Technologies in a research report on Thursday, January 22nd. Cantor Fitzgerald decreased their price objective on shares of PureCycle Technologies from $16.00 to $14.00 and set an "overweight" rating for the company in a research report on Friday, February 27th. Finally, 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 research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $12.00.

PureCycle Technologies 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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