Maridea Wealth Management LLC Increases Stock Holdings in PureCycle Technologies, Inc. $PCT

Key Points

• Maridea Wealth Management LLC increased its stake in PureCycle Technologies, Inc. by 78.5%, now holding 264,150 shares valued at approximately $3.6 million, making it the firm's 26th largest investment.
• Several hedge funds, including NBC Securities and CWM LLC, acquired new positions or significantly increased their holdings in PureCycle Technologies during the first quarter of 2023, with institutional investors owning 63.01% of the company's stock.
• PureCycle Technologies reported a loss of $0.35 per share for the latest quarter, missing consensus estimates with revenue significantly below expectations, while analysts have a favorable outlook with an average target price of $15.00.

Maridea Wealth Management LLC raised its stake in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 78.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 264,150 shares of the company's stock after purchasing an additional 116,178 shares during the quarter. PureCycle Technologies accounts for 0.9% of Maridea Wealth Management LLC's investment portfolio, making the stock its 26th biggest holding. Maridea Wealth Management LLC owned about 0.15% of PureCycle Technologies worth $3,619,000 as of its most recent filing with the Securities and Exchange Commission.

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

PureCycle Technologies Price Performance

Shares of NASDAQ PCT opened at $13.49 on Thursday. PureCycle Technologies, Inc. has a 1-year low of $5.40 and a 1-year high of $17.37. The business has a 50-day moving average of $13.77 and a 200-day moving average of $10.87. The company has a debt-to-equity ratio of 3.54, a current ratio of 2.14 and a quick ratio of 2.07. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -7.98 and a beta of 2.01.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.12). The firm had revenue of $1.65 million during the quarter, compared to the consensus estimate of $4.10 million. On average, equities analysts anticipate that PureCycle Technologies, Inc. will post -1.01 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PCT. Northland Capmk raised PureCycle Technologies to a "strong-buy" rating in a report on Tuesday, August 26th. Cowen reissued a "buy" rating on shares of PureCycle Technologies in a report on Friday, August 8th. TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. Northland Securities began coverage on PureCycle Technologies in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $16.00 target price for the company. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $16.00 target price 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 issued a Buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $15.00.

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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